Top Tech Stocks
Technology stocks were significantly higher Monday, with shares of tech companies in the S&P 500 adding over 1.2% in value today while the Philadelphia semiconductor index was posting a more than 1.0% gain.
Among technology stocks moving on news:
(+) Apple ( AAPL ) was almost 1% higher Monday afternoon, reversing a 1% decline earlier in the session, that followed reports the tech giant may be preparing to produce Apple-brand, noise-cancelling headphones in a bid to capitalize on the success of its AirPods wireless headphones. The company is planning to launch the new hardware by the end of this year, sources told Bloomberg, cautioning Apple could push that date further out to address potential "development challenges." Apple bought Beats headphones in 2014 for $3 billion, and together with its own AirPods models, now commands 27% of the wireless headphone market.
In other sector news:
(+) ACM Research ( ACMR ) surged Monday, climbing to a session high of $8.44 a share and stopping just 4 cents shy of its 52-week high, after reporting improved Q4 net income and revenue and guided FY18 sales above Wall Street expectations. Excluding one-time items, the maker of single-wafer wet cleaning equipment for semiconductor manufacturers earned $3.3 million compared with adjusted net income of $1.4 million during the year-ago period. earlier. Revenue rose to $17.2 million from $14.3 million last year and easily beating the Capital IQ expecting $11.4 million in revenue. Looking forward, the company is projecting around $65 million in FY18 revenue, also topping the three-analyst consensus expecting $46.1 million.
(-) Jianpu ( JT ) was edging lower Monday afternoon following the financial data analytics firm buying a 65% majority stake in a Chinese tech company specializing in optimizing data-driven risk management decisions for RMB110 million, or about $17.4 million in cash and a stock. It did not identify the target company.
(-) Qualcomm Inc ( QCOM ) traded lower Monday, sinking almost 2% to a session low of $63.76 a share, after the specialty chipmaker agreed to postpone a scheduled shareholders' vote on its proposed acquisition by Broadcom ( AVGO ) after the Committee on Foreign Investment in the United States asked for more time to review the $117 billion deal. The order also delays Broadcom's proxy fight for control of the Qualcomm board of directors. Separately, Qualcomm Monday also extended its tender offer for all of NXP Semiconductors' (NXP) common stock until 5 p.m. ET on Friday, March 9. Through the original deadline on Friday, March 2, only 10.5% of NXP Semi shares have been validly tendered.
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