Quantcast

Technology Sector Update for 11/09/2018: UBNT,FNSR,IIVI,ATVI,YELP


Shutterstock photo

Top Tech Stocks

MSFT -2.14%

AAPL -2.28%

IBM -0.38%

CSCO -2.56%

GOOG -2.12%

Technology stocks were finishing in a deep hold today despite a modest uptick during the final hour of Friday trading. At last look, shares of tech stocks in the S&P 500 were losing more than 1.6% in value while the Philadelphia Semiconductor Index was falling almost 1.9%.

Among technology stocks moving on news:

(+) Ubiquiti Networks ( UBNT ) rose to a new, all-time high on Friday, climbing almost 19% to a best-ever $112.38 a share after the local business connections platform reported fiscal Q1 financial results topping analyst projections and also authorized a new $200 million stock buyback program. Excluding one-time items, adjusted net income for Ubiquiti rose 27.2% over the year-ago period during the three months ended Sept. 30 to $1.17 per share, exceeding the Capital IQ consensus by $0.16 per share, while its GP earnings rose 26.1% year over year to $1.16 per share to beat the $0.95 per share analyst mean. Net sales grew 15.1% to $282.9 million, also surpassing the $270.6 million Street view.

In other sector news:

(+) Finisar ( FNSR ) climbed as much as 20% on Friday after the networking equipment company agreed to a $3.2 billion buyout offer from optoelectrical components manufacturer II-VI ( IIVI ). Under terms of the proposed transaction, II-VI will pay $26 for each Finisar share, equal to a 37.7% premium over Thursday's closing price.

(-) Activision Blizzard ( ATVI ) fell to a 19-month low on Friday, at one point dropping almost 15% to its worst share price since April 2017 at $53.50, after reporting Q3 net income and revenue trailing year-ago comparisons and missing Wall Street estimates. The video game company earned $0.42 per share on $1.51 billion in revenue, lagging the Capital IQ consensus by $0.08 per share and $150 million, respectively. It reported a $0.47 per share profit during the same quarter last year on $1.61 billion in revenue.

(-) Yelp ( YELP ) dropped as much as 32% lower, reaching a 17-month low of $29.33 after the local business review website reported a sharp increase in Q3 earnings over year-ago, but also said that business had slowed during the quarter and forecast FY18 revenue lagging Wall Street expectations. The company reported Q3 net income of $0.17 per share compared with $0.09 per share during the same quarter last year. Analysts, on average, had been expecting a $0.35 per share profit on a non-GAAP basis and $0.10 per share on a GAAP basis. Revenue rose to $241 million from $223 million last year, lagging the $245.6 million consensus estimate.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Technology , Commodities
Referenced Symbols: UBNT , FNSR , IIVI , ATVI , YELP



More from MT Newswires

Subscribe






MT Newswires
Contributor:

MT Newswires

Market News, Commodities










Research Brokers before you trade

Want to trade FX?