Top Tech Stocks
Technology stocks were finishing with steep declines in late trade, with the shares of tech stocks in the S&P 500 were losing almost 2.3% in value while the Philadelphia Semiconductor Index fell nearly 4.0%.
Among technology stocks moving on news:
(+) Pareteum ( TEUM ) climbed as much as 11% on Wednesday after the cloud-software company said its 36-month contractual revenue backlog has exceeded $500 million, up from $147 million on Jan. 1. That amount includes the backlog Pareteum acquired through its recent purchase of Artilium but excludes selected monthly recurring revenue streams derived from that deal still lacking long-term contracts. The company had a $147 million backlog on Jan. 1.
In other sector news:
(+) Zix Corp ( ZIXI ) soared Wednesday, rising over 14%, after analysts at Craig Hallum raised their investment rating for the cyber-security company to Buy from Hold.
(-) AVX ( AVX ) was nearly 5% lower Wednesday afternoon, giving back a nearly 12% gain earlier in the session that followed the electronic components company reporting abpve-consensus fiscal Q2 net income although sales trailed Wall Street expectations. The company earned $0.43 per share in the three months ended Sept. 30, more than doubling its $0.21 per share profit during the same quarter last year and topping the Capital IQ consensus by $0.10 per share. Net sales increased to $456.3 million from $352.7 million last year but still lagged the $462 million analyst mean.
(-) STMicroelectronics NV ( STM ) dropped to a 20-month low on Wednesday, sinking over 12% to its lowest price since February 2017 at $13.85 a share, despite reporting improved Q3 results compared with year-ago levels and also exceeding the Capital IQ consensus for the three months ended Sept. 30. Excluding one-time items, the chip-maker earned $0.41 per share, up from $0.28 per share during the year-ago period and beating the Street view by $0.05 per share. Revenue rose to $2.52 billion from $2.14 billion last year, also topping the analyst consensus by around $20 million.