Technology

Technology Sector Update for 03/09/2018: UTSI,QCOM,AVGO,NXPI,GPRO

Top Tech Stocks

MSFT +1.80%

AAPL +1.50%

IBM +1.68%

CSCO +2.12%

GOOG +2.69%

Technology stocks continued to outperform the broader U.S. market on Friday, with shares of tech companies in the S&P 500 Friday springing to a nearly 1.8% gain while the Philadelphia semiconductor index was posting a more than 2.0% gain.

Among technology stocks moving on news:

- UTStarcom ( UTSI ) slumped Friday, sliding over 12% lower to a session low of $5.16 a share after the telecommunications infrastructure company reported an adjusted Q4 net loss of $0.09 per share compared with a $0.05 per share net loss during the same period last year. Total revenue declined to $18.2 million from $27.5 million last year, trailing the Capital IQ consensus expecting $28 million in quarterly sales. For Q1, the company is expecting betwen $18 million to $23 million in revenue.

In other sector news:

+ Qualcomm ( QCOM ) was moderately higher during Friday trading after the chipmaker said it was extending its tender offer for outstanding NXP Semiconductors ( NXPI ) shares until March 16. The company - which also has been trying to fend off an unsolicited takeover bid by Broadcom ( AVGO ), said Jeffrey Henderson has been selected non-executive board chairman, replacing Paul Jacobs in the post. Jacobs will remain on the Qualcomm board and the company explained it was discontinuing the executive chairman position as part of a leadership transition plan. On the merger front, U.S. Treasury Secretary reportedly said prospective technology mergers pose "significant" national security issues when he was asked asked the proposed Qualcomm-Broadcom hookup.

- GoPro ( GPRO ) was unable to get off the ground on Friday, with shares of the wearable cameras company falling as much as 6% to a session low of $5.42 a share, following reports it is struggling to find a would-be buyer. No serious bidders have emerged since GoPro hired JPMorgan last year to assist with pursuing a sale, according to the New York Post. CEO Nick Woodman also has hinted about a potential sale as recently as February.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

QCOM UTSI AVGO GPRO NXPI

Other Topics

Commodities

Latest Technology Videos

    #TradeTalks: How Will the Role of the Chief Technology Officer Evolve on the Buy-Side?

    Siepe CEO Michael Pusateri joins Jill Malandrino on TradeTalks to discuss how the role of the Chief Technology Officer will evolve on the buy-side.

    Nov 19, 2020

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More