Top Tech Stocks
Technology stocks eased from their session highs earlier Thursday afternoon, with shares of tech companies in the S&P 500 still more than 0.3% in value today although the Philadelphia semiconductor index was falling less than 0.1%.
Among technology stocks moving on news:
(-) Bruker Corp ( BRKR ) has turned lower Thursday afternoon, giving back a more than 1% gain to a session high of $31.90 a share earlier in the session that followed the scientific instruments company announcing its purchase of IRM, a privately held developer of high-speed infrared imaging microscopes using quantum cascade laser technology. Financial terms of the transaction were not disclosed. The company said the acquisition will expand its technology portfolio and create new market opportunities for infrared microscopy products at academic and government research laboratories as well as pharmaceuticals and biotechnology companies.
In other sector news:
- Synopsys' ( SNPS ) was lower in late Thursday trade, reversing a 5% increase to a session high of $92.88 a share soon after the opening bell that followed the specialty chipmaker reporting adjusted fiscal Q1 net income to $1.10 per share compared with $0.94 per share during the same quarter last year and beating the Capital IQ consensus by $0.10 per share. Revenue rose to $769.4 million from $652.8 million last year, also exceeding the $751 million analyst mean. For Q2, Synopsys is expecting non-GAAP earnings in a range of $1.06 to $1.10 per share on between $765 million to $790 million in revenue. Analysts, on average, are looking for the company to earn $0.83 per share, excluding one-time items on $715.23 million in revenue. It also issued above-consensus guidance for FY18 per-share earnings and revenues.
- Tower Semiconductor ( TSEM ) retreated Thursday, sinking more than 10% to a session low of $30.06 a share, after the chipmaker reported Q4 revenue lagging analyst estimates and also issued below-consensus guidance for Q1 revenue. Revenue rose to $357.6 million from $340.4 million during the year-ago period but still lagged the $358.1 million analyst mean. Excluding one-time items, it also earned $0.58 per share during the three months ended Dec. 31, improving on an adjusted Q4 profit of $0.52 per share during the same quarter last year and exceeding the Capital IQ consensus by $0.03 per share. For the current quarter, Tower Semi is projecting revenue in a range 5% either side of $325 million. That translates into a Q1 forecast between $308.75 million to $341.25 million, also missing the Street view expecting $346.7 million in revenue during the three months ending March 31.
- Gogo ( GOGO ) dropped by double digits on Thursday, falling almost 13% to a session low of $9.15 a share, after the internet access provider reported a net loss of $0.52 per share for the three months ended Dec. 31, expanding on a $0.34 per share loss during the year-ago period and coming in $0.04 per share wider than the Capital IQ consensus. Revenue grew to $188 million from $160 million during the same quarter last year and beating the Street view expecting $181.4 million in Q4 revenue. The company also is modelling FY18 revenue in a range of $865 million to $935 million and between $750 million to $790 million under ASC 605 rules. Analysts, on average, are looking for $768.3 million in revenue this year.
- Mitel Networks ( MITL ) declined nearly 11% on Thursday, touching a session low of $8.24 a share, after reporting non-GAAP net income of $0.27 per share, up from $0.22 per share during the year earlier period and beating the Capital IQ consensus by $0.01 per share. Revenue rose to $355.9 million compared with $259.8 million last year, also topping the $345.9 million Street view.
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