Technology Sector Update for 01/17/2018: MRAM,ASML,IBM,RNET,DATA

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Top Tech Stocks

MSFT +2.00%

AAPL +0.10%

IBM +2.84%

CSCO +1.55%

GOOG +0.53%

Technology stocks stretched out their large gains heading into Wednesday’s close, with shares of tech companies in the S&P 500 showing a 1.5% advance while the Philadelphia semiconductor index was up slightly less than 3.0%.

Among technology stocks moving on news:

Everspin Technologies ( MRAM ) was declining in late Wednesday trade, giving back a nearly 5% advance made earlier after the magnetoresistive random access memory company said it recorded its first revenue from sales of its 40-nanometer 256Mb STT-MRAM products during the recently concluded Q4. The upcoming increase in production volume of its so-called “persistent memory” marks the first time magnetic tunnel junction spin-transfer torque MRAM has entered mass production, CEO Kevin Conley said in prepared remarks, adding, “This is a bellwether milestone in the evolution of this disruptive technology.”

In other sector news:

+ ASML Holding NV ( ASML ) climbed as much as 6% on Wednesday after the company reported Q4 EPS of EUR1.50, or $1.84, improving on a EUR1.23 per share profit last year. Net sales rose 34% during the three months ended Dec. 31 to EUR2.56 billion. Also authorizes a new, EUR2.50 bln stock buyback program and taps Roger Dassen to replace Wolfgang Nickl as chief financial officer, pending shareholder approval.

+ International Business Machines ( IBM ) rose Wednesday after analysts at Barclays raised their investment rating for Big Blue’s stock to Overweight from Equal Weight, citing progress in its turnaround,.

+ RigNet ( RNET ) advanced after the video conferencing and monitoring company said it has acquired steaming analytics firm Intelie for an undisclosed sum. The deal is expected to close before the end of March, subject to customary closing conditions.

+ Tableau Software ( DATA ) was higher after analysts at Raymond James began coverage of the company’s stock with Market Perform rating.

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