Top Tech Stocks
Technology stocks advanced Monday, with shares of tech companies in the S&P 500 adding about 0.5% in value.
In company news, Mobileye N.V ( MBLY ) jumped out to a large gain on Monday after German auto-maker Volkswagen today said it was partnering with the computer vision and machine learning company on a new navigation system for autonomous driving cars as soon as next year.
In a statement today, Volkswagen said it will Mobileye's Road Experience Management system in several of its future models, with the Mobileye system using crowd-sourcing from other cars to generate real-time data and for precise localisation and high-definition track data. The companies signed their cooperation pact on Feb. 10.
MBLY shares were up over 5% at $45.67 apiece, easing from a prior run to a session high of $47.22 a share.
In other sector news,
(+) TSEM, Q4 EPS of $0.52 beats Capital IQ consensus by $0.04 per share. Revenue climbs 34% over year-ago levels to $340.4 mln, roughly in-line with $339.93 mln consensus. Mid-point of Q1 revenue outlook expecting 19% rise over last year to $330 mln also in-line with Street view.
(-) INOV, Reduced to Underperform from Neutral at Bank ofAmerica Merrill Lynch.
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