Technology Sector Update for 06/05/2018: SMAR,TWTR,SOL,SABR

Shutterstock photo

Top Tech Stocks

MSFT +0.59%

AAPL +0.89%

IBM +0.58%

CSCO +0.28%

GOOG +0.08%

Technology stocks were hanging on to moderate gains Tuesday afternoon, with shares of tech companies in the S&P 500 adding almost 0.4% in value today while the Philadelphia semiconductor index also was posting a nearly 0.4% rise.

Among technology stocks moving on news:

+ Smartsheet Inc. ( SMAR ) sped to an outsized gain on Tuesday, at one point climbing almost 24% after late Monday reporting better-than-expected Q1 results and issuing upbeat forecasts for its current quarter and FY19, prompting at least one research shop to raise its price target for the cloud-based work platform company's stock. Excluding one-time items, the company put up an adjusted net loss of $0.12 per share during the three months ended April 30, expanding on an $0.08 per share non-GAAP loss during the same quarter last year but still topping the Capital IQ consensus expecting an $0.18 per share net loss. Revenue rose 63% year over year to $36.3 million, also exceeding the $33.4 million Street view. Following the company announcements, analysts at Jefferies Tuesday raised their price target by $6 to $31 a share and reiterating its Buy rating for the company's stock.

In other sector news:

+ Twitter ( TWTR ) was more than 5% higher in late Tuesday trading after the microblogging platform was selected to replace Monsanto Company ( MON ) in the S&P 500 index, effective with the start of the regular session on Friday, June 7. Monanto is being acquired by German chemical conglomerate Bayer in a $62.5 billion deal set to close on Thursday.

+ Renesola ( SOL ) climbed over 4% on Tuesday after the solar power company raised its forecast for Q1 revenue by $10 million over its previous guidance. It now sees revenue for the three months ended March 31 in a range of $40 million to $45 million compared with its prior view expecting between $30 million to $35 million in sales. The single-analyst estimate is projecting $29.8 million in Q1 revenue. The company will report its full Q1 financial results on June 20.

- Sabre ( SABR ) fell over 4% on Tuesday, staying within close range of its session low that followed the technology consulting company pricing a $392.8 million secondary public offering of 16 million shares of its common stock previously held by TPG Global and Silver Lake Management Company at $24.55 apiece, representing a 3% discount to Monday's closing price for the stock. from the stock's previous close. Concurrent with the stock sale, Sabre repurchased and then retired 1 million of the available shares.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Technology , Commodities
Referenced Symbols: SMAR , SOL , SABR , TWTR

More from MT Newswires


MT Newswires

MT Newswires

Market News, Commodities

Research Brokers before you trade

Want to trade FX?