Top Tech Stocks
Technology stocks were falling this afternoon, with the shares of tech companies in the S&P 500 losing almost 0.9% in value while the Philadelphia Semiconductor Index was dropping about 1.3%.
Among technology stocks moving on news:
(+) Sanmina ( SANM ) was surging Tuesday, climbing 18%, after reporting fiscal Q1 net income and revenue exceeding Wall Street estimates and also providing a better-than-expected outlook for the current quarter ending in March. The company is projecting non-GAAP earnings of between $0.70 to $0.80 per share on revenue in a range of $1.9 billion to $2 billion compared with the analyst consensus expecting an adjusted $0.66 per share profit on $1.82 billion in revenue.
In other sector news:
(+) Xerox ( XRX ) was 11% higher after late Monday reporting non-GAAP net income of $1.14 per share for the final three months of 2018, improving on a $1.03 per share adjusted profit during the year-ago period and beating the Capital IQ consensus of $1.02 per share.
(-) Taiwan Semiconductor Manufacturing Co Ltd ( TSM ) fell 2.5% after confirming late Monday it received a shipment of an unnamed chemical used in its manufacturing process that "deviated from specifications" and caused its wafers to have lower-than-expected yields. The chipmaker was working with customers to resolve the problem and said it does not expect an adverse impact on its Q1 financial performance.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.