Top Tech Stocks
Technology stocks were unable to sustain their earlier gains, with shares of tech companies in the S&P 500 losing around 0.3% in value today while the Philadelphia semiconductor index still was posting a more than 0.5% gain.
Among technology stocks moving on news:
+ Micron Technology ( MU ) rose over 9% at one point on Tuesday after the memory and storage chipmaker authorized a new stock buyback program for up to $10 billion of its outstanding shares as part of its plans to return at least 50% of free cash flow to shareholders starting in FY19. The move prompted several analyst actions, with Stifel Nicolaus raising its price target for Micron Tech shares by $5 to $106 apiece while Cowen boosted its price target by $2 to $67 a share. The brokerages kept their Buy and Outperform investment recommendations in place, respectively.
In other sector news:
+ Cyren ( CYRN ) rose as much as 5% on Tuesday despite reporting a 50% increase in its adjusted Q1 net loss compared with year-ago levels along with a 5.2% year-over-year decline in revenue. Excluding one-time items, the cyber-security company recorded an a non-GAAP net loss of $0.09 per share during the three months ended March 31, expanding on a $0.06 per share adjusted net loss last year. Revenue fell to $7.6 million during Q1 from $8 million during the prior-year period. Analyst estimates were not available for comparison.
+ Radcom ( RDCM ) was trading about 2.5% higher Tuesday afternoon, giving back roughly two-thirds of a more than 7% advance earlier in the session that followed the service assurance and customer experience software company reporting improved non-GAAP Q1 net income and revenue exceeding year-ago levels and also beating analyst estimates. Excluding one-time items, the company earned $0.07 per share during the three months ended March 31, up from $0.02 per share during the same quarter last year and beating the two-analyst mean looking for adfjusted net income of $0.00 per share. Revenue rose 36.3% year over year to $10.9 million, up from $8 million during the year-ago period and topping the $9.6 million Street view.
- FireEye ( FEYE ) was sliding almost 2% lower Tuesday afternoon, retracing most of a 2.3% decline for the cycbersecurity company's stock that followed it today pricing a $525 million private placement of 0.875% convertible senior notes due 2024. in a private placement to eligible purchasers. The company expects to spend a portion of the net proceeds to fund selected capped-call transactions and buying back around $340.2 million of its 1% convertible senior notes due 2035 with any remaining funds to be used for general corporate purposes.
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