Top Tech Stocks
Technology stocks fell again today, with the shares of tech stocks in the S&P 500 losing almost 0.9% in value although the Philadelphia Semiconductor Index was rising nearly 0.7% this afternoon.
Among technology stocks moving on news:
(+) MACOM Technology Solutions Holdings ( MTSI ) climbed as much as 20% during Wednesday trading after late Tuesday saying its adjusted fiscal Q4 net income fell to $0.16 per share from $0.46 per share during the year-ago period, matching consensus estimates. Quarterly revenue also declined, dropping to $151.2 million from $166.4 million last year and lagging the $152.6 million Street view. Looking forward, the company is projecting non-GAAP fiscal Q1 net income in a range of $0.18 to $0.22 per share on between $150 million to $156 million in revenue. Analysts, on average, are expecting MACOM to earn $0.19 per share, excluding one-time items, on $155.4 million in revenue.
In other sector news:
(+) Marin Software ( MRIN ) jumped almost 22% on Wednesday after the marketing software company narrowed its non-GAAP net income compared with year-ago levels. Excluding one-time items, Marin recorded a $0.77 per share net loss on $13.2 million in revenue for the three months ended Sept. 30, improving on a $0.95 per share loss during the same quarter last year. Analyst estimates were not available.
(-) Fusion ( FSNN ) fell as much as 2.5% during today's session, easing from a nearly 5% spike soon after Wednesday's opening bell provider after the cloud services company reported a smaller-than-estimated adjusted Q3 net loss and revenue exceeding Wall Street expectations. Excluding one-time items, Fusion had a non-GAAP net loss of $0.14 per share during the three months ended Sept. 30, beating the Capital IQ consensus that had been expecting a $0.16-per-share adjusted loss. Revenue climbed 28% over year-ago levels, climbing to $143.4 million from $112.4 million last year and topping the analyst mean by $6.4 million.
(-) Snap ( SNAP ) retreated Wednesday, falling almost 5% at one point, following reports the technology and camera company was subpoenaed by the U.S. Department of Justice and the Securities and Exchange Commission over its disclosures to investors prior to its March 2017 initial public offering of stock. Snap confirmed the probe when contacted by Reuters, adding it has responded to the subpoenas. It also said "the DOJ is likely focused on IPO disclosures relating to competition from Instagram" and how this competition affected Snap's growth." Snap has been grappling with a shareholder class-action lawsuit over the same matter since May 2017.