Technology Sector Update for 08/09/2018: SMI,AYX,SAIL,MRAM

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Technology stocks were ending little changed on Thursday, with the shares of tech stocks in the S&P 500 were adding less than 0.1% in value although the Philadelphia Semiconductor Index was dropping nearly 1.0% this afternoon.

Among technology stocks moving on news:

+ Semiconductor Manufacturing International ( SMI ) enjoyed a big rise Thursday, with the chipmaker climbing almost 10% at one point today, after reporting an 18.6% year-over-year increase in Q2 sales to $890.7 million, topping the two-analyst consensus by around $13.6 million. Gross profits for the April-to-June fiscal period rose to $217.8 million from $194.1 million during the same quarter last year. Analyst estimates for quarterly net income were not available.

In other sector news:

+ Alteryx ( AYX ) jumped out to a more than 19% increase in Thursday trading after the data analytics firm reported a smaller-than-expected non-GAAP Q2 net loss and revenue exceeding Wall Street expectations as well as projecting Q3 revenue and FY18 financial results all topping analyst estimates. The company also said company co-founder Ned Harding will step down as chief technology officer on Monday, August 13, but will remain with Alteryx in an advisory role through the end of 2019. Scott Jones also will be adding responsibility as company president to his current role as chief revenue officer at Alteryx.

+ Sailpoint ( SAIL ) soared to a record high on Thursday, climbing over 17% to a best-ever $30.25 a share, after the identity-governance software firm reported a 39% increase in Q2 sales to $54.6 million over year-ago levels and exceeding the Capital IQ consensus by $4.58 million. Sailpoint also reversed a $0.02 per share non-GAAP net loss during the year-ago period, earning $0.03 per share during the three months ended June 30 and beating analyst estimates expecting a $0.02 per share adjusted net loss. The company also is projecting Q3 revenue and FY18 financial results topping Wall Street expectations.

- Everspin ( MRAM ) was falling over 9% Thursday afternoon, somewhat paring a more than 16% decline soon after the opening bell, that followed the magnetoresistive random access memory company reporting Q2 revenue trailing analyst estimates and projecting Q3 financial results also lagging the Capital IQ consensus. For the current quarter ending Sept. 30, Everspin is forecasting ranges for a Q3 net loss and revenue missing the analyst means by at least $0.03 per share and $2.7 million, respectively.

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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