Top Tech Stocks
Technology stocks reversed course this afternoon, with the shares of tech stocks in the S&P 500 were losing more than than 0.4% in value while the Philadelphia Semiconductor Index was falling over 0.6%.
Among technology stocks moving on news:
(+) ACI Worldwide ( ACIW ) has steadily built a nearly 12% late in Thursday trade after the networking equipment and software company reported non-GAAP net income of $0.26 per share, improving on a $0.15 per share during the prior-year period and beating the two-analyst consensus call expecting $0.07 per share. Revenue for the July-to-September quarter rose 8.8% to $245.5 million, exceeding the $225.7 million Street view. The company also is projecting FY18 revenue in a range of $1.05 billion to $1.08 billion and also topping the analyst mean by at least $10 million.
In other sector news:
(+) CyberArk Software ( CYBR ) touched a new record high on Thursday, rising over 17% to a best-ever $84.19 a share, after reporting adjusted Q3 net income of $0.48 per share on $84.7 million in revenue and exceeding the consensus call by $0.21 per share and $5.9 million, respectively. The software firm also raised its FY18 forecast above Street views.
(+) Alarm.com Holdings ( ALRM ) climbed as much as 14% on Thursday after the cloud-based home protection applications company reported improved Q3 financial results compared with year-ago levels and beating Wall STreet expections. Excluding one-time items, the company earned $0.36 per share, up from a $0.27 a year adjusted profit last year and easily topping the Capital IQ consensus by $0.11 per share. Revenue grew to $111.8 million from $90.0 million last year, also exceeding the $96.76 million analyst mean. Alarm.com also projected FY18 non-GAAP earnings and total revenue exceeding the Street view expecting $1.20 per share on $390.4 million by at least $0.08 per share and $19.3 million, respectively.
(-) CommScope Holding ( COMM ) dropped to its lowest price since February 2014, falling over 23% to $18.81 a share after missing analyst projections with its Q3 financial results and also said its buying telecom equipment maker Arris International ( ARRS ) for $7.4 billion. Under terms of the proposed transaction, CommScope will pay $31.75 in cash for each Arris share, representing a 14.2% premium over Wednesday's closing price for the company's stock.