Top Tech Stocks
Technology stocks were producing moderate gains Friday afternoon, with shares of tech companies in the S&P 500 jumping out to a 0.4% gain.
In company news, Shares of Maxim Integrated Products ( MXIM ) climbed to a new 12-year high on Friday after the specialty chipmaker reported fiscal Q2 non-GAAP net income of $0.46 per share, up from $0.32 per share during the same period last year and beating the Capital IQ consensus by $0.03 per share.
Revenue during the three months ended Dec. 24 grew 8% over year-ago levels to $551 million, also topping the $540 million consensus call.
For the current quarter ending in March, Maxim is projecting revenue in a range of $555 million to $595 million, bracketing the $568 million Street view. It also sees adjusted per-share earnings of between $0.49 to $0.55 compared with the analyst mean expecting $0.49 per share.
Maxim last night also declared a quarterly cash dividend of $0.33 per share, unchanged from its previous distribution and payable March 16 to shareholders of record on March 2.
MXIM shares were up more than 6% in late trade at $44.67 each, earlier reaching their best price since July 2004 at $45.27 a share.
In other sector news,
(+) DQ, (+6.7%) Craig Hallum begins analyst coverage with a Buy rating.
(-) KEYW, (-15.4%) Prices $89.3 mln offering of 8.5 mln shares at $10.50 each, a 13.2% discount to Thursday's closing price for the stock.
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