Top Tech Stocks
Technology stocks managed to recoup a portion of yesterday's steep declines, with shares of tech companies in the S&P 500 adding almost 0.5% in value today while the Philadelphia semiconductor index was posting a more than 0.7% gain.
Among technology stocks moving on news:
CGI Group (GIB,GIB-A.TO) was higher in late Wednesday trading, after the Canadian cybersecurity and data analytics company reported improved fiscal Q1 earnings and revenue compared with its year-earlier period. Excluding one-time items, adjusted net income grew to C$0.99, or $0.81, per share from C$0.90 per share last year, topping the Capital IQ consensus expecting C$0.97 per share. Revenue rose 5.2% year over year to C$2.82 bln, also beating the $2.78 bln analyst mean.
In other sector news:
+ Automatic Data Processing ( ADP ) rode a 3% advance to a new, all-high on Wednesday after reporting a $0.99 per share Q2 adjusted profit, up from $0.87 per share during the same quarter last year and topping the Capital IQ consensus by $0.09 per share. Revenue climbed 8.4% to $3.24 bln, also beating the analyst mean by around $60 mln. The company raised its forecast for FY18 revenue growth to a new range of 7% to 8% while analysts, on average, are modelling 6.7% growth to $13.21 bln in revenue. It also sees per-share earnings this year rising 12% to 13%, or between $4.14 to $4.18 per share. The Street is at $3.99 per share.
+ Cheetah Mobile ( CMCM ) was trading higher Wednesday afternoon, retaining almost all of its more than 10% rise to a session high of $17.20 a share, after today releasing its SafeWallet cryptocurrency wallet for smartphones and touting its three-tiered security defense system and easy-to-use interface.
- Silicon Laboratories ( SLAB ) turned lower again, trading just under Tuesday's closing price despite today reporting non-GAAP Q4 net income of $0.93 per share, beating the Street view by $0.07 per share. Total revenue grew 10.1% to a best-ever $201.0 mln, also topping the $197.9-mln consensus. For the current quarter, the fabless chipmaker is projecting non-GAAP earning in a range of $0.73 to $0.79 per share, straddling the $0.76 per share analyst mean. It also sees Q1 revenue coming in between $196 mln to $202 mln, inching past the $195.3 mln Wall Street estimate.
- Check Point Software ( CHKP ) was fractionally lower today after it was down 4% in pre-market trade after missing analyst estimates with its Q4 revenue, climbing almost 4% to $506 mln and trailing the $508.6 mln Capital IQ consensus. Excluding one-time items, it earned $1.58 per share, compared with $1.46 per share last year and beating the Street view by $0.07 per share.
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