Technology

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

Top Tech Stocks

MSFT +0.07%

AAPL +0.11%

IBM +3.06%

CSCO +0.63%

GOOG -0.54%

Technology stocks were edging higher shortly before Friday's closing bell, with shares of tech stocks in the S&P 500 adding almost 0.2% in value today while the Philadelphia Semiconductor Index was raising nearly 0.1%, reversing a small mid-day decline.

Among technology stocks moving on news:

+ Open Text (OTEX,OTEX.TO) rose as much as 6% on Friday, stopping just 30 cents short of its 52-week high of $40.31, after posting non-GAAP fiscal Q4 net income of $0.72 per share on $754.3 million in revenue, exceeding the Capital IQ consensus by $0.04 per share and $12.3 million, respectively. The Canadian software company also was getting a boost Friday after saying it has partnered Israeli software distributor NessPRO as its reseller in the Middle East country.

In other sector news:

+ Hanwha Q CELLS Co ( HQCL ) climbed as much as 27% on Friday after the Korean photovoltaic modules manufacturer received a non-binding buy-out 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.

+ Take-Two Interactive Software ( TTWO ) hit a new record high on Friday, rising over 15% to best-ever $130.41 per share after the electronic gaming company reported fiscal Q1 sales easily beating Wall Street forecasts, dropping to $388 million during the three months ended June 30 from $418.2 million in the year-ago period compared with the Capital IQ consensus expecting only $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.

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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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