Technology

Technology Sector Update for 02/16/2018: SNCR,TYPE,EPAM,TDY

Top Tech Stocks

MSFT +0.31%

AAPL +0.74%

IBM +0.68%

CSCO +1.42%

GOOG +1.16%

Technology stocks have pared their earlier gains, with shares of tech companies in the S&P 500 climbing about 0.2% in value today while the Philadelphia semiconductor index was fell back to a less than 0.1% gain.

Among technology stocks moving on news:

+ Synchronoss Technologies ( SNCR ) surged more than 26% higher on Friday after the network software company said it has closed its $185 million offering of preferred stock to affiliates of Siris Capital Group LLC. Under the terms of the transaction, Silver Private Holdings I LLC received 185,000 shares of the company's series A convertible participating perpetual preferred stock in exchange for $97.7 million in cash and the transfer to Synchronoss of just under 6 million shares of its common stock, representing all the shares of common stock held by Silver. The firm also received has the right to select two members - identified as Siris cofounders Frank Baker and Peter Berger - to the Synchronoss board along with other governance rights.

In other sector news:

+ Monotype Imaging ( TYPE ) raced to a 28-month high on Friday, touching its best share price since October 2015, after reporting a nearly four-fold increase in its non-GAAP Q4 net income compared with its year-ago period. Excluding one-time items, Monotype earned $0.45 per share during the three months ended Dec. 31, up from $0.12 per share during the same quarter last year and beating the Capital IQ consensus expecting $0.10 per share. Revenue grew to $65.0 million from $52.6 million during the final three months of 2016, also topping the $62.5 million analyst mean.

+ EPAM Systems ( EPAM ) advanced Friday after reporting above-consensus Q4 results. Excluding one-time items, the software firm earned $1.01 per share, compared with an adjusted $0.77 per share profit during the same quarter last year and beating the Capital IQ consensus by $0.04 per share. Revenue rose to $399.3 million from $313.5 million last year and also topped the $395.8 million Street view. It also issued Q1 and FY18 earnings and revenue projections exceeding Wall Street estimates.

+ Teledyne Technologies ( TDY ) was fractionally higher Friday after saying its Teledyne Brown Engineering subsidiary received a $45.7 million missile-defense contract from the U.S. Army Space and Missile Defense Command. Work is planned to begin immediately and could extend through July 2023.

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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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