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

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Technology stocks continued their recovery on Friday, with shares of tech companies in the S&P 500 climbing more than 0.4% this afternoon.

In company news, Taiwan Semiconductor Manufacturing Co. Ltd. ( TSM ) was maintaining a slim gain late in Friday trading, giving back almost all of a 1.5% advance to a session high of $39.55 a share, after the chipmaker earlier today reported a 0.1% increase in November revenues compared with the same month last year.

Revenue last month totaled about NT$93.15 billion, or about $3.10 billion, up from NT$92.03 during November 2016 but slipping 1.4% from the prior month when the company generated 94.52 billion in revenue.

For the first 11 months of 2017, Taiwan Semi has taken in NT$887.55 billion in revenue, marking a 2% increase compared to NT$869.83 billion during the first 11 months of 2016.

In other sector news,

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

(-) TRVG, 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: TSM , SAIC , TRVG

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