Technology

Technology Sector Update for 01/24/2017: SIMO,IIVI,MJCO

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Technology stocks rose again on Tuesday, with shares of tech companies in the S&P 500 climbing almost 0.7%.

In company news, American depository shares of Silicon Motion Technology Corp. ( SIMO ) declined Tuesday after the fabless chipmaker last night forecast revenue for the current quarter trailing analyst estimates.

For the three months ending March 3, the company is projecting revenue in a range of $121 million to $128 million, missing the Capital IQ consensus by at least $7.65 million. It blamed rising limits on the availability of non-volatile flash storage for adding to seasonal declines that typically affect solid-state drive sales.

But Silicon Motion also continues to expect those issues to dissipate later in the year, with SSD sales resuming their current growth.It sees FY17 revenue in a range of $556 million to $612 million, spanning the $599.93 million consensus call.

SIMO shares were down more than 5% in late Tuesday trade at $40.96 each.

In other sector news,

(+) IIVI, Adjusted fiscal Q2 EPS of $0.49 per share breeze past Street view by $0.23 per share. Revenue grows 21% over last year to $231.8 mln, also beating the $221.48 mln consensus. Benchmark Co. raise price target by $3 to $40 a share, keeping Buy rating.

(-) MJCO, Fiscal Q3 EPS of $0.01 reverses a net loss of $0.03 per share during the year-ago period but still lags Capital IQ consensus by a penny. Revenue rises 1.3% to $30 mln, also missing the $32.8 mln Street view.

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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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