Technology Sector Update for 07/12/2018: CA,AVGO,LEDS,I,CSCO

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Top Tech Stocks

MSFT +0.67%

AAPL flat

IBM +0.37%

CSCO flat

GOOG +0.64%

Tech stocks were trading higher Thursday amid new deal-making and positive earnings results.

Among technology stocks moving on news:

+ CA Technologies ( CA ) jumped nearly 19% in Thursday's early market, reaching its best share price since March 2000 at $44.10 apiece, after agreeing to a nearly $18.9 billion takeover offer from Broadcom ( AVGO ). Under terms of the proposed transaction, CA investors will receive $44.50 in cash for each of their shares, representing a 19.6% premium over Wednesday's closing price. Broadcom is expecting the deal to immediately add to its non-GAAP per-share earnings after closing, which is expected before the end of the year, pending shareholder and anti-trust approvals by regulators in the United States, the European Union and Japan.

In other sector news:

+ SemiLEDs ( LEDS ) soared during late trading on Wednesday, climbing as much as 14%, after the LED chips and components manufacturer reported improved fiscal Q3 financial results, including slashing its GAAP loss for the three months ended May 31 to $0.09 per share from $0.32 per share during the year-ago period after disposing of idled equipment and eliminating excess capacity charges that drove up its net losses in prior quarters. Revenue grew 30% over year-ago levels to $2 million. Analyst estimates were not available for comparison.

= Intelsat SA ( I ) early Thursday said it has reached an agreement with fellow satellite operators SES SA and Eutelsat on the use of lower C-band satellite spectrum in the United States. The proposal was initiated by Intelsat, together with Intel ( INTC ) and SES, in response to proceedings initiated by the Federal Communications Commission. It establishes a commercial and technical framework that would enable terrestrial mobile operators to quickly access spectrum in the 3,700 to 4,200 megaheartz frequency band in the United States and enables the accelerated deployment of 5G rollout by mobile operators.

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: AVGO , LEDS , I , INTC

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