Technology

Technology Sector Update for 02/23/2017: AXTI,HMNY,ARRS

Top Tech Stocks

MSFT +0.18%

AAPL -0.37%

IBM +0.16%

CSCO -0.18%

GOOG -0.62%

Technology stocks were slightly lower Thursday, with shares of tech companies in the S&P 500 sinking less than 0.2% this afternoon.

In company news, AXT Inc ( AXTI ) surged to its best share price in over five years on Thursday after the chipmaker doubled Wall Street estimates with its Q4 per-share earnings and also beat the analyst mean with its revenue, prompting at least one brokerage to today increase its price target for the company's stock.

The company earned $0.06 per share during the final three months of 2016, topping the Capital IQ consensus by $0.03 per share. Revenue climbed 12.2% over year-ago levels to $20.3 million, also exceeding the $19.08 million Street view.

Following the positive Q4 results, analysts at Needham & Co. today raised their price target for AXT shares by $2 to $8.50 apiece, also reiterating their Buy rating.

AXTI shares were up 13% at $7.80 each, earlier reaching their highest level since July 2011 at $8.65 a share.

In other sector news,

(+) HMNY, (+12.2%) Launches free hate-crime map function through its Zone Technologies unit, allowing users to see location and date of reported hate crimes and using geo-mapped crime data from across the United States.

(-) ARRS, (-15.2%) Announces deal with Broadcom to acquire the Ruckus Wireless and ICX switch business from Brocade Communication Systems ( BRCD ) for $800 mln in cash. Expects purchase to be accretive within first 12 months after closing.

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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