Technology Sector Update for 10/15/2018: DVMT,LLL,HRS,KTOS,AAPL
Top Tech Stocks
Technology stocks fell hard again today, with the shares of tech stocks in the S&P 500 were losing almost 1.2% in value while the Philadelphia Semiconductor Index dropped slightly more than 0.5%.
Among technology stocks moving on news:
(+) Dell Technologies ( DVMT ) climbed almost 3% soon after Monday's opening bell, more recently trading less than 1% higher, after activist investor Carl Icahn said he is doing "everything in my power" to block the sale of the software firm to privately held computer-maker Dell, arguing board chairman and CEO Michael Dell's $109 per share offer undervalues the company relative to the value of its VMWare subsidiary. In a new regulatory filing, Icahn, who owns over 16.5 million Dell Technology shares, or about 8.3% of its outstanding stock, accused Michael Dell of engaging in a "fear campaign" aiming to persuade other shareholders into selling their stock at a discount to its actual value. He also dismissed a proposal to convert Dell tracking stock into Dell common stock through an IPO as "an empty and ridiculous" threat.
In other sector news:
(+) L3 Technologies ( LLL ) climbed over 11% at one point on Monday after the aerospace, communications and sensor systems company on Sunday reported Q3 financial results topping year-ago comparisons and analyst projections. Excluding one-time items, the company earned $2.85 during the July-to-September fiscal report, up from $1.79 per share during the same quarter last year and exceeding the Capital IQ consensus by $0.46 per share. Revenue rose 10% over the year-ago period to $2.52 billion and also narrowly beating the $2.50 billion Street view. It also is forecasting adjusted FY18 net income surpassing the analyst mean.
(+) Harris ( HRS ) climbed over 10% on Monday after the networking equipment company Sunday reported significantly improved fiscal Q1 financial results compared to the year-ago quarter and topping Wall Street expectations. It also raised its FY19 outlook for net income and sales and announced a licensing deal with Kratos Defense & Security Solutions ( KTOS ) for its common data link waveforms platform for use in the nanoSVDL radios Harris is building for the U.S. Air Force under a five-year, $130 million contract.
(-) Apple ( AAPL ) dropped over 1% on Monday after analysts at Goldman Sachs said the tech giant may face slowing consumer demand in China, saying macro indicators there have weakened "substantially" since August, although not enough for the research shop to lower its overall forecast for iPhone sales. Apple has reportedly also acquired Asaii, a Chinese startup that's developed a music analytics engine for artist managers and music labels, for an undisclosed amount.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.