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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.