Technology

Technology Sector Update for 08/30/2017: OLED, OHGI, RTNB

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Technology stocks continue to add to their prior rise, with shares of tech companies in the S&P 500 Wednesday posting a nearly 0.7% advance in recent trade.

In company news, Universal Display Corp ( OLED ) shares climbed to a session high of $125.70 a share after analysts at Deutsche Bank today began coverage of the organic light emitting diode company with a buy investment recommendation.

The move follows Universal Display earlier this month reporting Q2 net income of $0.99 per share, improving on a $0.46 per share profit during the same quarter last year and beating the Capital IQ consensus of $0.69. Revenue grew 59% over year-ago levels to $102.5 million, also topping the $84.8 million analyst mean.

The company also raised its FY17 revenue outlook to a range of $285 million to $300 million, from previously $260 million to $280 million, narrowly exceeding the $284.7 million Street view.

In other sector news,

(+) OHGI, (+75.3%) Begins work on a $500,000 contract announced in June to produce a secure messaging system for an unnamed customer from Hong Kong. Also issues 859,802 shares to principal executive officer Martin Ward as repayment of his $662,048 loan to the company.

(-) RTNB, (-27.7%) Said three prospective board memebers elected in May and scheduled to become directors on Oct. 1 declined to accept those positions, explaining they do not believe the company will remain viable after its upcoming foreclosure sale of its assets.

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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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