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Technology Sector Update for 11/02/2017: KEM,WSTL,PI

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Technology stocks were moderately lower this afternoon, with shares of tech companies in the S&P 500 sinking a little more than 0.3%.

In company news, Kemet ( KEM ) stumbled Thursday, sinking more than 31% to a session low of $17.10 a share this morning, after the electronic components manufacturer said it will observe a "quiet period" beginning Jan. 1.

During the upcoming quiet period, expected to last until Kemet reports its fiscal Q3 financial results in early February, the company said it will not issue its regular guidance forecasts or other details about the business.

Kemet also reported adjusted fiscal Q2 net income of $0.45 per share during the three months ended Sept. 30, matching Wall Street expectations after deducting one-time items. That was sharply higher than its performance during the year-ago period when it earned $0.13 per share, excluding one-time items.

Revenue rose just under 61% compared with the same quarter last year to $301.5 million, topping the $298.5 million analyst mean. On a GAAP basis, the company earned $0.22 per share during the July-to-September quarter, reversing a $0.11 per share net loss last year.

In other sector news,

(+) WSTL, (+18.1%) Non-GAAP fiscal Q2 EPS of $0.11, reversing a $0.05 per share adjusted net loss of $0.05 per share in the year-ago period and easily topping the Capital IQ consensus by $0.09 per share. Revenue grew to $17.2 mln from $15.9 mln last year and surpassing the $16.74 analyst consensus.

(-) PI, (-37.7%) Reports non-GAAP Q3 net loss of $0.08 per share, reversing a $0.10 per share adjusted profit in year-ago period and missing the Capital IQ consensus by $0.05 per share. Revenue rises 5% to $32.6 mln, matching the $32.58 mln analyst mean. Piper Jaffray lowers investment recommendation to Neutral from Overweight.

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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