Technology

Technology Sector Update for 02/13/2017: MBLY,TSEM,INOV

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Top Tech Stocks

MSFT +1.01%

AAPL +1.00%

IBM +0.32%

CSCO +1.51%

GOOG +0.63%

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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