Top Tech Stocks
Technology stocks fell for the first time this week, with shares of tech companies in the S&P 500 slipping about 0.3% just before the closing bell on Thursday.
In company news, American depository shares of LG Display Co ( LPL ) have recouped all but a small slice of its prior decline Thursday in the wake of reports the South Korean manufacturer failed to receive orders from Apple ( AAPL ) for iPhone displays for the first time in nearly a decade.
Instead, Apple will be working with Samsung's display unit on its new iPhone 8 smartphone models, according a report in the South Korea daily Maeil. LG Display lost the order because it did not respond fast enough to the migration from liquid crystal display to organic light-emitting diode technology, according to the report.
Mobile displays has accounted for a significant portion of LG Display's revenue in recent year, growing to 27.9% of its $24.3 billion in total revenue during 2015, the latest 12-month period that complete figures for the company were available.
LPL shares were down just 0.4% at $13.29 apiece shortly before tonight's closing bell, improving on a prior slide to a session low of $13.05 a share.
In other sector news,
(+) STM, Q4 EPS of $0.13 tops consensus by $0.02 per share. Revenue climbs 11.5% to $1.86 bln, also beating Street view by $10 mln. Sees Q1 revenue falling 2.4% from prior quarter to $1.81 bln, exceeding analyst mean by around $40 mln.
(-) RGSE, Begins public offering of Class A common stock and Series K warrants. Expects Q4 net loss to widen to $10.5 mln from $4.2 mln last year while revenue is projected to fall 47% from last year to $5.1 mln. Analyst estimates were not available for comparison.
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