Technology

Technology Sector Update for 11/29/2017: XNET,PLAB,ADSK

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Technology stocks fell hard today, with shares of tech companies in the S&P 500 sinking almost 2.3% in recent trading.

In company news, Xunlei ( XNET ) Wednesday saw its share price drop almost 33% today, falling to a session low of $12.50 each, after the digital media manager this week took steps to protect its brand name by asking Shenzhen Xunlei Big Data Information Services Company to drop "Xenlei" from the company's name.

Xunlei owns a 28.8% minority stake in Big Data although it has no management control over the firm. In an open letter today, the company said it formally requested the change by Big Data and also terminated its use of the Xunlei brand following unspecified public announcement by Big Data management latest.

According to a Global Times report yesterday, Xunlei was ready to sever any connection with smaller company, noting the public often confuses Big Data subsidiaries such as Xunlei Finance, Xunlei Yidai and Xunlei Loves Trade as being part of the company.

In other sector news,

(+) PLAB, Non-GAAP fiscal Q4 EPS of $0.08 beats Capital IQ consensus by $0.02 per share. Total revenue grew 12.7% to 121 mln, exceeding the $112.2 mln analyst mean. Expects Q1 non-GAAP net income in a range of $0.02 to $0.09 per share, straddling view expecting $0.04 per share. Sees FY18 between $110 mln to $118 mln, also in-line with $111.5 mln consensus.

(-) ADSK, Eliminating 1,150 jobs, generating between $135 mln to $149 mln in restructuring costs. Wedbush Morgan lowers stock rating to Neutral from Outperform. Also trims Q3 net loss to $0.12 per share, beating Street view by $0.01 per share. Revenue falls 5.2% to $515.3 mln, also topping the $513.6 mln analyst mean. Guides Q4 results in-line.

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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