Technology Sector Update for 08/08/2018: DDD,MGIC,SABR,SINA

Top Tech Stocks

MSFT +0.66%

AAPL +0.08%

IBM -0.07%

CSCO +0.71%

GOOG +0.83%

Technology stocks firmed in late Wednesday trading, with the shares of tech stocks in the S&P 500 were adding slightly less than 0.4% in value while the Philadelphia Semiconductor Index also was rising just under 0.4%.

Among technology stocks moving on news:

+ 3D Systems Corp ( DDD ) soared to its best share price since June 2017, rising almost 38% to $18.70 a share, after late Tuesday reporting stronger-than-expected Q2 financial results. Excluding one-time items, the three-dimensional printer company earned $0.06 per share during the June quarter, down from $0.08 per share in the year-ago period but still beating the Capital IQ consensus by $0.05 per share. Q2 revenue grew 11% year over year to $176.6 million, also surpassing the $165.9 million analyst mean.

In other sector news:

+ Magic Software Enterprises ( MGIC ) was holding on to a nearly 2% gain Wednesday after reporting adjusted Q2 net income of $0.16 per share, improving on a $0.13 per share non-GAAP profit during the year-ago period and beating the Capital IQ consensus by $0.01 per share. The better-than-expected earnings upstaged revenue trailing analyst projections, rising to $70.2 million from $65.5 million last year but still lagging the $72.5 million Street view.

+ Sabre ( SABR ) was edging higher Wednesday afternoon, erasing a nearly 3% decline soon after the opening bell that followed the technology consultants pricing a $372.8 million secondary offering of 15 million shares previously held by TPG Global and Silver Lake Management Co at $24.85 apiece, representing a 1.6% discount to Tuesday's closing price.

- Sina ( SINA ) dropped to a 15-month low on Wednesday, falling almost 7% to its lowest price since April 2017 at $75.24 a share, after the Chinese online advertising platform reported net and non-GAAP revenue both trailing analyst estimates. Net revenue rose 50% year over year to $537.4 million, matching the 50% increase to $534.8 million for its adjusted net revenue over year-ago levels, but still lagging the Capital IQ consensus expecting $538.1 million in total revenue. Excluding one-time items, Sina earned $0.89 per share during the three months ended June 30, topping the Street view by $0.17 per share.

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 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


Other Topics


Latest Technology Videos

    Some of the Ways Video Is Changing How Business Is Being Done

    Brightcove Chief Marketing Officer Jennifer Smith discusses some of the ways video is changing how business is being done and key themes from Brightcove PLAY.

    Oct 6, 2021


    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More