Technology Sector Update for 08/02/2018: PS,TRMB,FTNT,ARRS
Top Tech Stocks
Technology stocks were rose for a third day, with a nearly 3% advance Thursday for Apple ( AAPL ), creating the first company ever with a $1 trillion market capitalization. At last look, shares of tech stocks in the S&P 500 were adding more than 1.2% in value while the Philadelphia Semiconductor Index was rising more than 0.8%.
Among technology stocks moving on news:
+ Pluralsight ( PS ) rose Thursday, at one point climbing almost 16%, after the cloud-based technology learning platform reported a Q2 net loss of $0.21 per share on $65.3 million in revenue, improving on its year-ago net loss by $0.29 per share and increasing its revenue by 42% year over year. The latest results also exceeded Wall Street expectations looking for a $0.28 per share net loss and $50.87 million in revenue.
In other sector news:
+ Trimble Navigation ( TRMB ) climbed as much as 16% on Thursday after the technology consulting company reported non-GAAP Q2 net income of $0.50 per share, up from $0.36 per share during the prior-year period and beating the Capital IQ consensus by $0.05 per share. Revenue rose 19% year over year to $785.5 million, also exceeding the $776.31 million Street view. The company also is projecting FY18 results topping the analyst means for per-share earnings and revenue.
+ Fortinet ( FTNT ) reached an all-time high on Thursday, rising almost 13% to a best-ever $72.97 a share, after reporting Q2 financial results exceeding the Capital IQ consensus and prompting analysts at least three brokerages to increase their respective price targets for the cyber-security company's stock. The moves by BMO Capital, Barclays and Oppenheimer follow Fortinet earning $0.41 per share on $441.3 million in revenue, topping the analyst mean for the April-to-June reporting period by $0.06 per share and $15.8 million. Its Q3 and FY18 guidance also beat the analyst consensus call.
- Arris International ( ARRS ) slid to a 26-month low on Thursday, sinking almost 11% to its worst share price since June 2016 at $22.33 apiece, after posting Q2 earnings and revenue trailing Streets views, including a $0.63 per share profit for the three months ended June 30, climbing 14% over year-ago levels but still lagging the Capital IQ consensus by $0.02 per share. Revenue rose 4% year over year to $1.73 billion, also missing the $1.78 billion analyst mean.
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