Top Tech Stocks
Tech stocks continued their recovery in Thursday trading, with shares of technology companies in the S&P 500 index rising more than 1.3% while the Philadelphia Semiconductor index jumped out to a more than 2.4% gain this afternoon.
Among technology stocks moving on news:
+ TiVo ( TIVO ) retreated Thursday, dropping almost 4% shortly before the closing bell, after it named Raghu Rau to be its interim president and CEO, effective immediately, following the resignation of former chief executive Enrique Rodriguez from the digital entertainment company. Rodriguez resigned to become chief technology officer post at Liberty Global ( LBTYA ), although he has agreed to work with Tivo on an advisory basis to assist with a smooth transition.
In other sector news:
+ Qorvo ( QRVO ) was trading higher Thursday afternoon, climbing over 5%, after analysts at Keybanc raised their investment rating for the specialty chipmaker to Overweight from Sector Weight.
+ Micron Technology ( MU ) rose Thursday, with the memory chipmaker overcoming a Chinese regional court hitting two of its subsidiaries with a preliminary injunction barring them from manufacturing, selling or importing certain Crucial and Ballistix-branded DRAM modules and solid state drives in that country. Two rivals - United Microelectronics Corp and Fujian Jinhua Integrated Circuit Co - had sought the injunction in retaliation for Micron suing the companies in U.S. district court alleging misappropriation of trade secrets and Taiwanese authorities indicted UMC and three of its employees on similar charges. Micron estimates the preliminary injunction likely will lower its Q4 revenue by about 1% but it reiterated its current guidance expecting between $8.0 billion to $8.4 billion in revenue. That compares with the $8.25 billion analyst consensus.
- American Superconductor ( AMSC ) was falling hard on Thursday, dropping over 16% in recent trade, after the specialty chipmaker late Tuesday announced a settlement with Sinovel Wind Group Co Ltd resolving of their existing commercial disputes. The settlement calls on the Chinese wind turbine manufacturer to pay $57.5 million to American Superconductor through two installments, with the first payment due Thursday and the second installment due in about 10 months, in return for American Superconductor providing Sinovel with a non-exclusive license to some of its intellectual property and to be used solely with Sinovel's doubly fed wind turbines. The license agreement will terminate if Sinovel fails to make the second payment.