Technology Sector Update for 12/08/2017: OLED,SAIC,TRVG

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Technology stocks continued to recover Friday from their recent selloff, with shares of tech companies in the S&P 500 climbing almost 0.7% this afternoon.

In company news, Universal Display ( OLED ) charged more than 10% higher on Friday, reaching a session high of $184.80 a share, after the organic light emitting diode company said it signed long-term contracts to supply China's BOE Technologies with phosphorescent materials for its products.

The materials will be supplied through Universal Display's UDC Ireland unit. Financial terms of the agreements were not disclosed

In other sector news,

(+) SAIC, (+13.5%) Reports Q3 net income of $0.98 per share tops its year-ago EPS of $0.91 and also beats the Capital IQ consensus by $0.11 per share. Revenue grew 3% to $1.15 bln, also exceeding the $1.11 bln analyst mean.

(-) TRVG, (-0.2%) Issues upbeat forecast for FY17 revenue growth, expecting a 36% to 39% increase over its EUR754.2 mln, or $889.2 mln, in FY16 revenue. That translates into a guidance range this year of EUR1.03 bln to EUR1.05 versus the EUR1.03 bln Street view.

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: OLED , SAIC , TRVG

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