Technology Sector Update for 11/28/2017: TECD,OHGI,MOMO

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Technology stocks were moderately higher, with shares of tech companies in the S&P 500 climbing just under 0.4%.

In company news, Tech Data ( TECD ) has held most of its nearly 12% advance to a session high of $104.09 a share on Tuesday after the wholesale distributor of technology products last night reported better-than-expected Q3 financial results.

Excluding one-time items, the company earned $2.00 per share during the three months ended Oct. 31, up from a $1.44 per share adjusted profit during the same quarter last year and breezing past the Capital IQ consensus by $0.09 per share. Revenue grew 41% over year-ago levels to $9.14 billion, also exceeding the $9.1 billion analyst mean.

For the current quarter ending in late January, the company is projecting non-GAAP net income in a range of $3.35 to $3.65 per share, in-line with the Street view expecting $3.39 per share. It also sees Q4 revenue coming in between $10.25 billion to $10.80 billion, also straddling the $10.57 billion consensus.

In other sector news,

(+) OHGI, (+13.9%) CEO Mark White in a letter to shareholders touts "tremendous opportunities within our sights to acquire Asia-based businesses ready to launch their operations globally as well as European and U.S.-based businesses that are recognized leaders in their respective areas and poised to expand into large markets, including China."

(-) MOMO, (-15.8%) Non-GAAP Q3 EPS of $0.45 beats Street view by $0.07 per share. Net revenue jumps 125.8% year over year to $354.5 mln, also exceeding the $342.5 mln analyst mean. Projected Q4 revenue of $370 mln to $385 mln straddles the Capital IQ consensus expecting $380.5 mln in revenue.

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: TECD , OHGI , MOMO

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