Top Tech Stocks
Technology stocks were firming in recent trading, with the shares of tech stocks in the S&P 500 adding just over 0.2% in value while the Philadelphia Semiconductor Index was rising slightly less than 0.1%.
Among technology stocks moving on news:
+ Sabre ( SABR ) was lower Wednesday afternoon but had erased most of 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.
In other sector news:
- 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.
- 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.
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