Technology

Technology Sector Update for 04/27/2017: XLNX,UCTT,SNCR

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Technology stocks rose this afternoon, with shares of tech companies in the S&P 500 ( XLK ) climbing slightly more than 0.3% late in Thursday trading. In company news, Xilinx ( XLNX ) climbed to a new record high on Thursday, with shares of the programmable device manufacturer rising more than 8% to a best-ever $64.90 a share after it reported improved fiscal Q4 financial results compared with the same quarter last year, also topping analyst estimates.

The company earned $0.57 per share, up from $0.54 per share during the year-ago period and exceeding the analyst mean by $0.03 per share. Sales increased 4% to $609 million during the January-to-March quarter, beating the Capital IQ consensus expecting $605.25 million and marking the sixth quarter in a row Xilinx has grown revenue.

For the current quarter ending in June, the company is projecting total revenue in a range of $600 million to $630 million and per-share earnings between $0.53 to $0.66. Analysts, on average, are expecting a $0.59 per share Q1 profit on $613 million in revenue.

The company last night also raised its cash dividend by 6% over its most recent distribution to $0.35 per share, payable June 1 to shareholders of record on May 16.

In other sector news,

(+) UCTT, Adjusted Q1 EPS of $0.47 tops Street view by $0.05 per share. Revenue jumps 82.4% to $204.6 mln, also beating the $192.61 mln consensus. Q2 earnings, revenue forecasts also exceed mean estimates.

(-) SNCR, CEO Ronald Hovsepian leaves to pursue other interests while CFO John Frederick also quits and are replaced by board chairman Stephen Waldis and Lawrence Irving, respectively. Cuts Q1 revenue outlook by $13 mln to $160 mln to $165 mln, missing the $175.73 mln analyst consensus.

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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