Technology Sector Update for 02/23/2017: AXTI,HMNY,ARRS
Top Tech Stocks
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,Â 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.
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