Technology Sector Update for 01/12/2018: CNET,JBL,FEYE,WATT,INFY
Top Tech Stocks
Technology stocks were higher Friday afternoon, with shares of tech companies in the S&P 500 adding over 0.6% in value while the Philadelphia semiconductor index was posting a more than 0.6% gain.
Among technology stocks moving on news:
– ChinaNet Online Holdings ( CNET ) tumbled as much as 25% lower on Friday, dropping to a session low of $4.77 a share, after the Chinese online advertising and marketing platform sold 2.2 million shares of its common stock through a private placement with three institutional investors at $5.15 apiece, a 17.7% discount to Thursday’s closing price. After first paying underwriter discounts and other offering expenses, the stock sale generated around $10.3 million in net proceeds.
In other sector news:
+ Jabil ( JBL ): Prices $500 million offering of 3.95% senior notes due 2028. Net proceeds will be used to redeem $400 million of its outstanding 8.25% senior notes due 2018 and paying a related “make-whole” premium.
+ FireEye ( FEYE ): Acquires privately held X15 Software and its big-data platform for $15 million in equity and $5 million in cash. The transaction closed Thursday and is expected to boost the company’s data-management capabilities and provide customers with an open platform for integrating machine-generated data and big data sources.
– Energous ( WATT ): Issues preliminary Q4 revenue figures trailing Wall Street expectations, expecting to report around $30,000 in sales compared with the $450,000 analyst consensus. Also expects chip revenue to stay modest through Q3 of the current fiscal year with sporadic engineering service revenue also contributing.
– Infosys ( INFY ): Q4 net income rises 46.1% over year-ago levels to $0.35 per share, which includes $0.10 per share from the conclusion of an advance pricing pact with the Internal Revenue Service and beating the Capital IQ consensus by $0.11 per share. Revenue climbs 8% to $2.76 billion, roughly in-line with the $2.79 billion Street view.
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