Top Tech Stocks
Technology stocks still were rising Monday afternoon, with the shares of tech stocks in the S&P 500 were adding over 0.5% in value while the Philadelphia Semiconductor Index was climbing over 0.2%.
In industry news:
Alphabet (GOOG,GOOGL) helped keep tech stocks on positive ground as a group Monday, rising just over 1%, ahead of the technology conglomerate reporting its Q2 financial results for the three months ended June 30. Analysts, on average, are expecting the company to earn $9.70 per share, up significantly from its $5.01 per share profit during the year-ago period, with revenue climbing 23.5% year over year to $32.13 billion from $26.01 billion last year.
Among technology stocks moving on news:
+ Syntel ( SYNT ) sped to a 22-month high on Monday, topping out at its best share price since September 2016 at $40.83 apiece, after the information technology and business services company late Friday agreed to a $3.57 billion buyout offer from French IT firm Atos. The proposed transaction calls on ATOS to pay $41 in cash for each Syntel share, representing a 4.8% premium over Friday's closing price. Atos also will be assuming about $200 million of Syntel's net debt. Syntel shareholders owning about 51.07% of the company's stock already have pledged to vote in favor of the deal. The companies are expecting the deal to close before the end of the year.
In other sector news:
+ JD.com ( JD ) still was narrowly higher Monday afternoon, paring a nearly 2% gain that previously followed the Chinese ecommerce platform reportedly preparing for a move into Europe. CEO Richard Liu also told the German daily newspaper Handelsblatt he is planning to open an office in Germany by the end of the year, explaining, "it's no longer just about selling products from Germany in China. I would also like to sell products in Europe."
+ Snap ( SNAP ) was back on positive ground Monday, reversing a more than 1% decline that followed reports the company will discontinue its Snapcash mobile payment service on August 30. Shutting down the feature will bring an end to Snapchat's four-year partnership with Square ( SQ ) to power the feature for sending people money, according to a TechCrunch report. Square shares are more than 2% higher Monday afternoon.
- Netgear ( NTGR ) dropped as much as 10% on Monday after reporting a smaller non-GAAP Q2 profit compared with year-ago levels and forecasting Q3 revenue trailing Wall Street expectations. Excluding one-time items, the home networking company earned $0.57 per share during the three months ended July 1, down from $0.60 per share during the same quarter last year but still topping the Capital IQ consensus by $0.06 per share. Revenue grew to $366.8 million from $330.7 million last year and also exceeding the $350.6 million analyst mean. The company also is projecting revenue for the current quarter in a range of $380 million to $395 million, lagging the Street view by at least $1.8 million. Netgear also said its Arlo Technologies unit has started the roadshow for its prospective initial public offering of over 10.2 million shares priced at between $18 to $20 per share. The company has applied to the NYSE to use the "ARLO" ticker symbol.