Top Tech Stocks
Technology stocks still were firming in late trading, with the shares of tech stocks in the S&P 500 were adding almost 0.4% in value today while the Philadelphia Semiconductor Index was rising just under more than 1.0%.
Among technology stocks moving on news:
(+) Symantec ( SYMC ) traded as much as 18% higher on Tuesday following reports the Thoma Bravo private equity firm has approached the cyber-security company to discuss a possible buyout transaction. Citing unnamed people familiar with the matter, Reuters said the talks could produce the year's largest levered buyout transaction, based on Symantec's current $15 billion market valuation and another $5 billion in existing debt. The sources cautioned there was no certainty that the discussions lead to a deal.
In other sector news:
(+) Novanta ( NOVT ) climbed as much as 23% on Tuesday after the photonics company reported above-consensus adjusted Q3 net income and revenue topping the analyst forecasts. Excluding one-time items, Novanta earned $0.61 per share, up from $0.45 per share during the same quarter last year and exceeding the Capital IQ consensus by $0.09 per share. Revenue increased 10% over the same quarter last year to $160.8 million, also beating the $154.43 million Street view.
(+) j2 Global ( JCOM ) was 5% higher this afternoon despite Tuesday reporting mixed Q3 financial results. Excluding one-time items, the networking services firm earned $1.53 per share, improving on a $1.34 per share adjusted profit during the year-ago period and beating the Capital IQ consensus by $0.02 per share. Revenue rose to a best-ever $292.7 million from $273.6 million last year and topping but lagged the $295.8 million analyst mean. j2 Global also raised its quarterly divided by $0.01 per share over its most recent distribution to $0.4350 per share, payable Dec. 5 to shareholders of record on Nov. 19.
(-) VMWare ( VMW ) was fractionally lower on Tuesday, falling less than 1%, after the network equipment manufacturer announced its purchase of Heptio, a privately held company that helps simplify and scale the open Kubernetes ecosystem for developers and operators. Financial terms of the proposed transaction were not disclosed. Separately, VMWare and IBM ( IBM ) said they were introducing new offerings at the VMworld Europe 2018 conference intended to accelerate hybrid cloud adoption by corporate clients. The two companies said over 1,700 clients were using IBM and VMWare services and equipment, including Banca Carige and IBM Cloud for VMware solutions.