Technology Sector Update for 02/16/2017: HIMX,SCON,SYNT

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Technology stocks were set to finish Thursday trading as the only sector in the S&P 500 other than utility stocks to reach positive ground, with shares of tech companies in the S&P 500 rising about 0.2% today.

In company news, American depository shares of Himax Technologies ( HIMX ) rose Thursday after analysts at Northland Capital Markets today raised their investment call for the Taiwanese fabless semiconductor manufacturer to Outperform following the company's mixed Q4 results earlier this morning.

Revenue during the three months ended Dec. 31 rose 14.3% over the same quarter last year to $203.4 million, nudging out the $202.9 million Capital IQ consensus. But per-share earnings, excluding one-time items, fell to $0.03 from a $0.04 per ADS non-GAAP profit last year, missing the Street view modeling $0.10 per ADS.

For the current quarter ending next month, Himax is expecting GAAP net income in a range of $0.005 to $0.02 per share, matching the $0.02 per share consensus. It also sees revenue rising between 18% to 25% over the prior quarter, which translates into $240 million to $254.25 million; analysts, on average, are projecting a 3.7% revenue decline during Q1 to around $173.58 million.

HIMX shares were up almost 6% in late Thursday trading at $6.73 apiece, earlier sinking to a session low of $6.51 a share.

In other sector news,

(+) SCON, Receives U.S. Patent No. 9,564,258 - Coated Conductor High Temperature Superconductor Carrying High Critical Current Under Magnetic Field By Intrinsic Pinning Centers - for its proprietary method to manufacture superconducting wire.

(-) SYNT, Projected FY17 EPS of $1.75 to $2.00 trails $2.35 per share consensus. Also sees FY17 revenue between $900 mln to $945 mln, also lagging the $976.48 mln analyst mean.

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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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