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.

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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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