Top Tech Stocks
Technology stocks were off their worst levels of Friday trading but still remain sharply lower, with shares of tech companies in the S&P 500 about 2.0%.
In company news, Advanced Micro Devices ( AMD ) rallied to a nearly 18-month high on Friday after the chipmaker last night reported a smaller Q1 adjusted net loss than analysts were expecting after revenue rose almost 20% over year-ago levels, beating Wall Street expectations.
Excluding one-time items, the company recorded a net loss of $0.12 per share, a penny less than the Capital IQ consensus expecting a $0.13 per share loss. Revenue grew 19.2% over last year to $832 million, climbing past the Street view by around $13.59 million.
For the current quarter, Advanced MicroCo is projecting revenue rising between 12% to 18% over the previous quarter, working out to a range of $932 million to $982 million, topping the consensus view by at least $42.34 million.
Following the above-consensus results and upbeat forecast, analysts at Craig Hallum today raised their investment call for Advanced Micro to Buy from Hold while Exane BNP Paribas raised its call to Neutral from Underperform. Topeka Capital Markets today also raised its price target for the company's stock by $1 to $3 a share, maintaining its Hold rating.
AMD shares were up over 36% at $3.57 apiece, easing just slightly from their best price since late September 2014 at $3.65 a share.
In other sector news,
(+) UIS, (+5.5%) Adjusted Q1 EPS of $0.11 exceeds Capital IQ consensus by $0.05 per share. Revenue declines 7.5% from last year to $666.8 mln, also topping the $655.37 mln consensus.
(-) MSFT, (-7.3%) Adjusted Q3 net income of $0.62 per share misses analyst consensus by $0.02 per share. Revenue climb 1.6% to $22.08 bln, roughly matching the the $22.11 bln consensus.
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