Technology

Technology Sector Update for 05/22/2018: MU,CYRN,RDCM,FEYE

Top Tech Stocks

MSFT -0.14%

AAPL -0.30%

IBM -0.20%

CSCO -0.13%

GOOG -1.01%

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

FEYE RDCM CYRN MU

Other Topics

Commodities

Latest Technology Videos

#TradeTalks: Location Technology for Group Travel

Jill Malandrino was joined by Jonathan Chasper, Founder & CEO, Wolfpack, to discuss the emerging location technology for group travel.

Mar 19, 2020