Technology

Technology Sector Update for 08/03/2018: HQCL,TTWO,SEDG

Top Tech Stocks

MSFT -0.28%

AAPL +0.51%

IBM +3.29%

CSCO +0.60%

GOOG -0.62%

Technology stocks were little changed, with shares of tech stocks in the S&P 500 adding less than 0.1% in value while the Philadelphia Semiconductor Index was slipping nearly 0.2%.

Among technology stocks moving on news:

+ Hanwha Q CELLS Co ( HQCL ) climbed as much as 27% on Friday after the Korean photovoltaic modules manufacturer received a non-binding buyout proposal from Hanwha Solar Holdings Co. Ltd seeking to acquire all of the American Depository Shares it doesn't already own at $9 apiece. Each ADS represents 50 ordinary shares, or 18 cents per share.

In other sector news:

+ Take-Two Interactive Software ( TTWO ) hit a new record high on Friday, rising more than 15% to $130.41 after the electronic gaming company reported fiscal Q1 sales that topped Wall Street forecasts. Sales fell to $388 million during the three months ended June 30 from $418.2 million in the year-ago period but easily beat the Capital IQ consensus of $259.67 million. Net income rose to $0.62 a share from $0.56 per share last year, narrowly missing the analyst mean by $0.02 per share.

- SolarEdge Technologies ( SEDG ) fell hard on Friday, at one point dropping over 17%, after the "smart" energy provider reported adjusted Q2 net income of $0.82 per share, improving on a $0.55 per share profit during the same quarter last year but still missing the Capital IQ consensus by $0.02 per share. Revenue rose 67% year over year to $227.1 million, exceeding the $225.3 million analyst mean.

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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