Top Tech Stocks
Technology stocks have pared some of their earlier gains late Tuesday, with shares of tech companies in the S&P 500 advancing around 0.4%.
In company news, Qualcomm Inc. ( QCOM ) rose Tuesday after today rejecting investor calls to split its mobile chip-making and patent royalty units into separate companies, also saying it expects to "modestly" exceed its previous profit forecast for its fiscal Q1 ending later this month.
After reviewing the "benefits and challenges of the existing structure," a special board committee at Qualcomm - as largely expected - decided against a proposed split, concluding the current structure works best. The company similarly decided against dividing up the company at least two other times in the past.
Separately today, the U.S. International Trade Commission tossed out claims by rival Nvidia ( NVDA ) that Qualcom and Samsung Electronics have been infringing on its graphics chip technology, declining to again take up an Oct. 9 initial ruling finding no violations of Nvidia patents.
Following this morning's announcement, analysts at BMO Capital cut its investment call for the company's stock to Market Perform from Outperform.
QCOM shares were up about 2.5% at $48.00 apiece, drifting off a session high of $48.80 a share earlier today. NVDA shares also were higher, rising slightly more than 1% to $33.00 each.
In other sector news,
(+) UTSI, Shanghai Phicomm Communication discloses 31.7% active stake, spending over $70.4 mln to acquire 11.7 mln shares and saying it plans to explore synergies between the companies, including a potential buyout.
(-) FCEL, Secures $30 mln project financing facility with PNC Energy Capital, providing long-term financing for projects the company is developing under various power purchase agreements.
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