Technology Sector Update for 07/26/2017: AMD,IFON,AKAM

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Technology stocks were moderately higher again in late afternoon trading, with shares of tech companies in the S&P 500 posting a more than 0.3% gain.

In company news, Advanced Micro Devices ( AMD ) jumped to a new, 10-year high on Wednesday, climbing almost 11% to touch its best stock price since January 2007 at $15.65 a share after the reporting Q2 financial results exceeding analyst estimates and also raising its FY17 revenue forecast above Wall Street projections.

Excluding one-time items, the chipmaker earned $0.02 per share, reversing a $0.05 per share adjusted net loss during the same quarter last year and beating the Capital IQ consensus by $0.02 per share. Revenue rose 18.4% over last year to $1.22 billion, also topping the Street view by around $60 million.

Looking forward to the rest of the year, AMD is now expecting revenue to grow in the mid to high-teens in percentage terms, compared to its prior view looking for low double-digit percentage growth and the analyst mean modeling 12.8% year-over-year growth to around $4.82 billion in revenue.

For the current quarter, the company sees revenue rising as much as 23% over Q2 levels and with a 15% guidance mid-point - roughly matching the analyst consensus looking for a 15.4% increase to $1.28 billion.

In other sector news,

(+) IFON, Acquires Cooltech Holding Corp. for 62.5 mln shares of its common stock, valuing the licensing Apple ( AAPL ) partner and reseller at about $31 million. A Q4 close is expected.

(-) AKAM, Oppenheimer lowers price target by $4 to $54 a share, reiterating Outperform rating. Co. posted better-than-expected Q2 results Tuesday night.

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: AMD , AAPL , AKAM

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