Technology Sector Update for 02/14/2018: CARB,CRTO,PLAB
Top Tech Stocks
Technology stocks were firming Tuesday, with shares of tech companies in the S&P 500 adding over 0.9% in value while the Philadelphia semiconductor index was posting a nearly 1.1% gain.
Among technology stocks moving on news:
+ Carbonite ( CARB ) surged during Wednesday trading, racing more than 18% higher and setting a session high of $25.65 a share, after the Isreali software firm overcame mixed Q4 financial results by also announcing its $145.8 million cash purchase of the Mozy data-protection platform unit from privately held Dell Technologies. Carbonite sees the deal bringing Mozy to a much wider customer base, with CEO Mohamad Ali stating he was "thrilled" by the deal and is expecting the new acquisition to reach customers looking to back "up individual laptops to maintaining uptime for hundreds of business servers." Separately, the company recorded non-GAAP net income of $0.30 per share, topping the Capital IQ consensus by $0.01 per share. Revenue rose 15% year over year to $61.7 million, lagging the $63.90 million Street view.
In other sector news:
- Criteo ( CRTO ) climbed almost 28% on Wednesday, reaching a session high of $29.90 a share after posting Q4 financial results beating Wall Street expectations and forecasting Q1 revenue topping Street views. Excluding one-time items, the digital performance company earned $1.21 per share on $277 million in revenue excluding traffic-acquisition costs compared with the Capital IQ consensus expecting $0.93 per share on $262 million in ex-TAC revenue. It also sees ex-TAC revenue during the current quarter in a range of $230 million to $235 million, exceeding the analyst mean by at least $25.4 million.
- Photronics ( PLAB ) was moderately higher Wednesday after reporting fiscal Q1 net income of $0.09 per share and beating Wall Street expectations by $0.03 per share while its revenue of $123.4 million exceeded the analyst mean by around $9.3 million. It also guided Q2 financial results matching analyst projections.
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