Top Tech Stocks
Technology stocks were falling hard in recent Thursday trading, with shares of tech stocks in the S&P 500 losing nearly 2.2% in value while the Philadelphia Semiconductor Index was falling almost 2.4%.
Among technology stocks moving on news:
(+) HP ( HPQ ) raced to an 18-year high on Thursday after saying it expects non-GAAP FY19 net income in a range of $2.12 to $2.22 per share, straddling the $2.17 per share Capital IQ consensus. The company also said it expects to return 75% of its FY19 free cash flow to shareholders, including an increase in its quarterly dividend.
In other sector news:
(+) Hortonworks ( HDP ) has traded as much as 18% higher during Thursday trading, more recently giving back about half of that advance that followed its deal to merge with Cloudera ( CLDR ). Under tems of the proposed deal, Cloudera stockholders will own 60% of the combined company and Hortonworks investors will hold the rest after receiving 1.305 Cloudera shares for each Hortonworks share they own. The deal is expected to close in early 2019.
(-) SunPower Corp ( SPWR ) was down almost 3% Thursday afternoon. Bank of America Merrill Lynch raised its rating on the solar-power company to neutral from underperform and raised its price target by $0.50 to $7.50 a share. The upgrade follows the company acquring selected assets from SolarWorld Americas earlier this week.
(-) Rudolph Technologies ( RTEC ) fell to an almost two-year low on Thursday, sinking almost 20%, after the company revised its Q3 revenue outlook to a new range expecting between $59 million to $61 million, trailing the Capital IQ consensus by at least $4.1 million. It also sees non-GAAP earnings coming in $0.22 to $0.25 per share, lagging the $0.35 per share expectations.
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