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Technology Sector Update for 06/13/2018: PVTL,IQV,QCOM,BABA,BIDU,IPAS


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Top Tech Stocks

MSFT -0.32%

AAPL -0.55%

IBM -0.18%

CSCO +0.25%

GOOG +0.32%

Technology stocks were edging lower today, giving back their small mid-day gains. At last look, shares of tech companies in the S&P 500 were losing slightly more than 0.2% in value today although the Philadelphia semiconductor index still was hanging on to a 0.1% gain.

Among technology stocks moving on news:

+ Pivotal Software ( PVTL ) rallied Wednesday, rising over 35% to a best-ever $28.73 a share, that followed the cloud-native platform company reported a smaller-than-expected adjusted Q1 net loss. Excluding one-time items, the company generated a non-GAAP net loss of $0.10 per share during the three months ended May 4, halving its $0.20 per share net loss during the same quarter last year and beating the Capital IQ consensus expecting a $0.13 per share adjusted loss. Revenue increased 28% year-over-year to $155.7 million, also surpassing the $140.4 million analyst mean. For the current quarter, Pivotal is projecting an adjusted net loss between $0.10 to $0.09 per share on revenue in a range of $157 million to $159 million. Analysts, on average, are looking for a $0.10 per share net loss on $152.8 million in revenue. Following the upbeat results and outlook, analysts at RBC Capital Markets raised their price target for Pivotal shares by $3 to $24 a share while maintaining their Sector Perform rating for the stock.

In other sector news:

+ Qualcomm ( QCOM ) was slightly higher this afternoon following reports it plans to restructure its server chip business. Qualcomm President Cristiano Amon told Reuters the company will pare jobs within the unit but will also continue to operate it, albeit with a narrower focus on large computing players in China such as Alibaba ( BABA ), Tencent Holdings, and Baidu ( BIDU ) through a joint venture.

+ iPass ( IPAS ) rose fractionally on Wednesday after the wireless connectivity company announced a new partnership with Indian telecom service provider, Bharat Sanchar Nigam Ltd creating 23,000 Wi-Fi hotspots throughout the country. BSNL already has set up Wi-Fi hotspot zones in over 80 tourist locations, including the Taj Mahal, abd the company also growing its footprint in rural areas, where more than 4,000 Wi-Fi hotspots have already been established.

- IQVIA Holdings (IQV) fell Wednesday, at one point dropping nearly 3%, after the advanced analytics company priced a $1.24 billion secondary offering of 12 million common shares previously held by Bain Capital, TPG Funds and two other institutional investors at $103.50 each, or 1.4% below Tuesday's closing price for the stock. Bain sold almost 1.59 million shares in the deal while TPG provided another 6.72 million shares for the deal, equal to 29.4% of their respective stakes. The Canada Pension Plan Investment Board also offered just under 3.1 million shares with IQVIA director Dennis Gillings selling 300,000 shares. Connected with the secondary offering, IQVIA purchased and then retired 4 million of the available shares, funding the $414 million transaction using cash on hand and borrowings from its revolving credit facility.

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: PVTL , QCOM , BABA , BIDU , IPAS



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