Technology Sector Update for 05/31/2018: KEYS,MIND,BOX

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Technology stocks were firming Thursday, with shares of tech companies in the S&P 500 adding more than 0.3% in value although the Philadelphia semiconductor index was posting a 0.3% decline.

Among technology stocks moving on news:

+ Keysight Technologies ( KEYS ) advanced to a record high on Thursday, at one point climbing almost 18% to a best-ever $62.41 a share, after reporting better-than-expected fiscal Q2 revenue and sales. GAAP revenue increased 31% year over year to $990 million during the three months ended April 30 while its non-GAAP jumped 32% over the same quarter last year. Both numbers topped the Capital IQ consensus expecting $965 million in total sales. It also sees its GAAP Q3 revenue in a range of $937 million to $967 million while non-GAAP sales are seen coming in between $942 million to $972 million, also both exceeding the Capital IQ consensus expecting Q2 sales of $916.4 million. But the company missed on its Q2 bottom lines, earning $0.34 per share on a GAAP basis and $0.83 per share after excluding one-time items. Analysts, on average, had been looking for GAAP earnings of $0.51 per share and normalized Q2 EPS of $0.83 per share.

In other sector news:

+ Mitcham Industries ( MIND ) rose over 4% on Thursday after saying its Klein business unit has seen a recent increase in order activity during the first four months of its FY18 that began Feb. 1, with orders for its sonar and related products rising to around $6.0 million and including the Royal Netherlands Navy ordering two of its flagship Klein 5900 systems to support hydrographic operations in the Dutch Exclusive Economic Zone. Mitcham's Seamap unit also recently received $6.1 million in orders for seismic source controller and RGPS positioning systems along with an additional $1.0 million in orders for its recently-introduced towed streamer products.

- Box ( BOX ) fell almost 11% at one point on Thursday after the cloud content management company reported Q1 revenue of $140.5 million, up from $117.2 million during the year-ago quarter and just ahead of the Capital IQ consensus expecting $139.6 million in revenue. The non-GAAP loss was $0.07 per share, improving on a $0.13 per share net loss last year and beating Street expectations for a net loss of $0.08 per share. For Q2, the company is targeting revenue in a range of $146 million to $147 million compared with the analyst consensus expecting $146.2 million. It also sees a non-GAAP Q2 loss between $0.06 to $0.05 per share versus expectations for a $0.07 per share net loss. For FY 2019, it expects a net loss of $0.19 to $0.16 per share on $603 million to $608 million in revenue. Analysts, on average, are looking for a $0.19 per share net loss on $605.7 million in revenue.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Technology , Commodities
Referenced Symbols: KEYS , MIND , BOX

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