Sector Update: Tech Stocks Finishing Strong Session Higher; ARM Holdings ADS Beats With Q2 Net Income, Revenue
Top Tech Stocks
Technology stocks were finishing mostly higher today with shares of technology companies in the S&P 500 rising nearly 0.8%.
In company news, ARM Holdings plc ( ARMH ) was higher in late trade, with American depository shares of the UK chip-maker rising after the company beat analyst expectations with its Q2 earnings and revenue.
ARMH was up nearly 7% at $45.41 per ADS in recent trade, narrowly trailing its session high of $45.80 per ADS. The stock has a 52-week range of $38.66 to $55.26, adding almost 9% in value over the past 12 months..
The company posted a pretax profit of 94.2 million British pounds, or $0.2783 per ADS, up from GBP86.6 million during the same quarter last year and topping the Capital IQ consensus looking for a $0.26 per ADS gain during the latest quarter.
In U.S. dollars, revenue climbed 17% year over year to $309.6 million, a 1.1% bulge over analyst estimates. Shipments were up 11% over year-ago levels, with shipment growth "especially strong in enterprise networking and microcontrollers."
In other sector news,
(+) SANM, Q3 net income of $0.53 per share, ex items, beats estimates by $0.06. Revenue rises 7.8% over year-ago quarter to $1.60 bln, topping consensus by $50 mln. Projected Q4 EPS exceeds Street view by at least $0.02. Deutsche Bank upgrade to Hold.
(-) SILC, Q2 EPS of $0.50 lags estimates by $0.07 per share. Revenue climbs 14% over same quarter last year to $17.9 mln, trailing Street view by $1.39 mln. Revenue falls 6% from prior quarter.
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