Technology

Technology Sector Update for 03/07/2018: BB,BB.TO,MOMO,FORM,ATHM

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Top Tech Stocks

MSFT +0.38%

AAPL -0.92%

IBM +1.51%

CSCO -0.08%

GOOG +0.90%

Technology stocks continue to outperform most other sectors and Wednesday's broader market, with shares of tech companies in the S&P 500 returning to positive ground, adding almost 0.4% in value today while the Philadelphia semiconductor index was posting a more than 0.2% gain, reversing a nearly 1.0% decline earlier in the session.

Among technology stocks moving on news:

BlackBerry (BB,BB.TO) was edging higher in late Wednesday trade, pushing back to positive ground and reversing a nearly 2% decline earlier today after the Canadian cybersecurity software and services company said it has signed a technology and brand licensing deal for its BlackBerry Secure platform with Swiss consumer electronics maker Punkt Tronics. The agreement will enable Punkt to bring to market a range of highly secure products which will embed BlackBerry cybersecurity technology, Blackberry said.

In other sector news:

+ FormFactor ( FORM ) climbed over 14% on Wednesday, touching a session high of $15.55 a share, after the electronic testing equipment manufacturer was selected to join S&P SmallCap 600 index, effective with the start of trading on Monday, March 12. It replaces Calgon Carbon Corp ( CCC ), which is being acquired by Kuraray Co this week.

+ American depository shares of Momo Inc ( MOMO ) rose over 11% on Wednesday and topped out at $38.83 per ADS, following the Chinese mobile social networking company reporting adjusted Q4 earnings and revenue exceeding analyst estimates. Excluding one-time items, non-GAAP net income grew tp $0.53 per ADS from $0.44 per ADS during the same period last year and beating the Capital IQ consensus by $0.07 per ADS. Total net revenue increased 57% year over year to $386.4 million from $246.1 million during the year-ago period and also topping the $383.1 million Street view. For Q1, Momo sees total net revenue rising between 46% to 52% over last year, implying a range of $387 million to $402 million and beating expectations by at least $16.5 million.

- Autohome ( ATHM ) was lower in late trade, giving back a nearly 3% gain previously in the session that followed automobile e-commerce platform reporting higher Q4 net income compared with year-ago levels. Excluding one-time items, the company earned RMB6.53, or about $1.00 per share, improving on an adjusted profit of RMB3.82 per share during the prior year period. Net revenue fell to RMB1.75 billion from RMB2.0 billion last year. Analyst estimates were not available for comparison. For Q1, the company is projecting revenue in a range of RMB1.22 billion to RMB1.25 billion.

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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