Technology Sector Update for 11/23/2015: EFUT,UPIP,TXTR
Top Tech Stocks
Technology stocks were extending their losses this afternoon, with shares of tech companies in the S&P 500 declining about 0.5%.
In company news, American depository shares of e-Future Information Technology ( EFUT ) surged to a record high on Monday after the Chinese software and services company reported improved Q3 revenue compared with the same quarter last year.
Revenue during the three months ended sept. 30 rose 6% over year-ago levels to RMB36.1 million, or $5.7 million. Adjusted net loss for the quarter expanded to RMB700,000 ($100,000), or $RMB0.15 ($0.02) per share from a RMB500,00 and RMB0.13 per share loss last year. No analyst estimates were available for comparision.
EFUT ADS were up more than 77% each this afternoon at $11.63 apiece, earlier topping out at best-ever $12.41 per ADS.
In other sector news,
(+) UPIP, UK High Court rules cell phone manufacturers Samsung and Huawei infringed an LTE standards-essential patent held by UPIP in the first of five patent-infringement trials the company expects to have tried by next June.
(-) TXTR, Reduced to Neutral from Outperform at Credit Suisse, which also trims its price target for the company's stock by $3 to 24 a share.
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