Top Tech Stocks
Technology stocks continued their recovery Wednesday, aided by better-than-expected financial results by tech titan Apple ( AAPL ) in its latest reporting period. At last look, shares of tech stocks in the S&P 500 were adding almost 0.8% in value although the Philadelphia Semiconductor Index was slipping nearly 0.3% lower.
Among technology stocks moving on news:
+ Mercury Systems ( MRCY ) was over 17% higher in late Wednesday trading, hanging on to most of a more than 22% advance, that followed the computer sub-systems company reporting adjusted fiscal Q4 net income and revenue exceeding Wall Street expectations. Excluding one-time items, it earned $0.47 per share on $152.9 million in revenue during the three months ended June 30, topping the Capital IQ consensus by $0.05 per share and $3.59 million, respectively. The company late Tuesday also said it acquired Germane Systems, paying $45 million for the maker of rugged computers and peripheral devices used by the military, adding it expects the deal to increase its adjusted FY19 earnings.
In other sector news:
+ Zendesk ( ZEN ) climbed over 14% to a best-ever $62.30 a share after the software development company reported above-consensus Q2 financial results and issued Q3 and FY18 revenue guidance also exceeding Street views. Excluding one-time items, Zendesk swung to a $0.03 per share non-GAAP profit compared with a $0.02 per share net loss during the year-ago period and beating the Capital IQ consensus expecting $0.00 per share for the April-to-June reporting period. Revenue rose 39% year over year to $141.9 million, also topping the $137.5 million Street view.
+ iQIYI Inc. ( IQ ) turned negative again late Wednesday, giving back a nearly 5% gain earlier in the session after reporting a smaller Q2 net loss compared with the year-ago period following a 51% year-over-year increase in revenue. The Chinese online entertainment platform recorded a net loss of RMB0.43 per share net loss during the quarter ended June 30 after posting a RMB4.89 per share loss during the same quarter last year while revenue rose to RMB6.17 billion - from RMB4.33 billion last year. Analyst estimates were not available.
- Enphase Energy ( ENPH ) fell as much as 15% on Wednesday after the electronic components company reported mixed Q2 financial results, including an increase in revenue during the April-to-June period to $75.9 million from $74.7 million last year but still trailing the Capital IQ consensus by $900,000 and also forecast Q3 revenue lagging analyst estimates. On the plus side, the company swung to a Q2 profit of $0.02 per share compared with an $0.08 per share net loss in the year-ago period and beating the Street view by $0.01 per share.