Top Tech Stocks
Technology stocks were hanging on for a small advance Thursday, with shares of tech companies in the S&P 500 adding more than 0.1% in value today while the Philadelphia semiconductor index was unchanged just before today's closing bell.
Among technology stocks moving on news:
- Qorvo ( QRVO ) fell just over 9% on Thursday, reaching a session low of $74.79 a share, after analysts at Bank of America Merrill Lynch lowered their investment rating for the radio frequency components manufacturer to Underperform from Neutral. The downgrade follows Qorvo earlier this week introducing a high-power gallium nitride on silicon carbide transistor operating with 1.8K kilowatts at 65 volts and extending the reach of L-band avionics and so-called Identification Friend or Foe applications.
In other sector news:
- Mobile networking software company Pareteum ( TEUM ) was lower Thursday afternoon despite saying it recently won a three-year contract from a California-based communications platform as a service company worth around $1.5 million. Pareteum will assist the company's enterprise customers to add mobile services and connections to their respective platforms.
- StarTek ( SRT ) has reversed course Thursday, giving back all of a more than 5% gain to a session high of $11.08 a share, that followed the business processing technology company said it was merging with ESM, a customer-engagement company also known as Aegis and a portfolio company of private-equity investors Capital Square Partners. Under the terms of the proposed $216.9 million transaction, StarTek will issue 20.6 million shares of its common stock to Capital Square in exchange for all of Aegis' outstanding stock. At closing, Capital Square also will increase its investment in the merged companies by $10 million, buying 833,333 StarTek shares at $12 apiece and increasing its overall stake to around 55%. Capital Square will also have the right to select a majority of the StarTek board of directors.
- Bitauto Holdings ( BITA ) tumbled Thursday after the Chinese ecommerce company issued a Q1 sales forecast trailing analyst projections. The company is expecting between RMB1.96 billion to RMB2.01 billion in sales during the current quarter, equating to a range of $301.8 million to $309.5 million and lagging the $325.6 million Capital IQ consensus. Excluding one-time items, the company earned RMB0.72, or about $0.11 per share, during Q4, topping the Street view looking for $0.10 per share. Revenue jumped 53.8% year over year to RMB2.69 billion, or $413.5 million, also topping the $378.7 million analyst mean.
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