Technology Sector Update for 11/08/2018: ACIW,ALRM,CYBR,COMM,ARRS

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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.

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: ACIW , CYBR , ALRM , COMM ,

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