Top Tech Stocks
Technology stocks continued to extend their slim advance from earlier Friday, helping lift the Nasdaq Composite and the S&P 500 indices to positive ground. Shares of tech companies in the S&P 500 were up just more than 0.7% while the Philadelphia semiconductor index was posting a nearly 1.6% gain.
Among technology stocks moving on news:
+ Finjan Holdings ( FNJN ) rose more than 15% Friday afternoon, touching a session high of $3.60 a share, after the cybersecurity firm said it has resolved all of the pending litigation in its dispute with Symantec Corp ( SYMC ). The companies say they signed a confidential definitive agreement on Wednesday, Feb. 28, ending the legal fight Finjan initiated in August 2013 when it filed suit against Symantec's Blue Coat Systems subsidiary, alleging it had infringed on six of Finjan's U.S. patents. A federal court jury returned a unanimous verdict holding Blue Coat had infringed on four of those patents and awarded around $39.5 million in damages to Finjan as reasonable royalties for the infringement. The court in November 2015 also ruled in Finjan's favor on several non-jury issues and in July 2016 turned down Blue Coat's request for a new trial. The damage award plus interest totaling almost $40.1 million has been ecrowed since the case moved to the U.S. Court of Appeals in August 2016.
In other sector news:
+ Limelight Networks ( LLNW ) advanced on Friday, climbing more than 10% to a session high of $4.38 a share, after the digital content delivery company priced a $60.7 million secondary offering of nearly 15.3 million shares at $3.97 apiece, matching Thursday's closing price for the company's stock. As part of the transaction, the company agreed to repurchase 1 million of the available shares directly from the underwriter, paying the same price the underwriter paid to the selling shareholders at the Goldman Sachs Group, who sold all but 644,976 of its Limelight shares, trimming its overall stake to 0.6% from about 14.4% previously. The company used cash on hand to fund the share buyback. It did not receive any proceeds from the stock sale.
+ Keysight Technologies ( KEYS ) rose Friday after the electronics design and testing company reported fiscal Q1 financial results exceeding analyst estimates. Excluding one-time items, the company earned $0.51 per share during the three months ended Dec. 31, down from $0.57 per share during the same quarter in 2016 but still beating the Capital IQ consensus expecting non-GAAP net income of $0.38. Non-GAAP revenue rose to $856 million from $726 million in the year-ago period, also topping the $806 million analyst mean. The company is projecting adjusted per-share earnings for the first half of its FY18 in a range of $1.27 to $1.37, implying a Q2 adjusted profit between $0.76 to $0.86 per share. Analysts, on average, are expecting adjusted Q2 net income of $0.83 per share.
+ Gravity ( GRVY ) was ending sharply higher Friday after the South Korea-based computer and mobile game-maker said it will likely report all-time record FY17 revenue, based on its preliminary Q4 results. The company is expecting revenue to reach $67.5 million during the three months ended Dec. 31 compared with $17.5 million in revenue during the year-ago period. Gravity also sees its Q4 operating net income rising to $3.2 million from $1.9 million during the same quarter in 2016, although it did not provide Q4 per-share earnings and no analyst estimates were available.
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