Technology Sector Update for 01/16/2018: IBM,UCTT,INFO,DLB,IBM

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Top Tech Stocks

MSFT -1.20%

AAPL -0.40%

IBM +0.49%

CSCO -0.76%

GOOG -0.10%

Technology stocks lost ground Tuesday, reversing course this afternoon, including a nearly 0.2% decline for shares of tech companies in the S&P 500 adding while the Philadelphia semiconductor index was posting a more than 0.4% gain in late trade.

Among technology stocks moving on news today:

+ IBM ( IBM ) rose Tuesday after announcing plans for a joint venture with A.P Moller-Maersk to develop a more efficient and secure process for global trade using blockchain technology. Financial terms of the agreement were not immediately disclosed.

In other sector news:

+ Ultra Clean Holdings ( UCTT ) climbed more than 3% this afternoon, reaching a session high of $23.94 a share, after the semiconductor manufacturing company Tuesday said its Q4 revenue would be near the top of its $240 million to $250 million guidance range compared with the Capital IQ consensus expecting $244.32 mln in revenue for the October-to-December reporting period.

+ IHS Markit ( INFO ) was edging higher today after reporting above-consensus Q4 financial results, including non-GAAP net income of $0.52 per share and exceeding Wall Street expectations by $0.01 per share. Revenue grew 8.1% to $944.7 mln, also topping the $912.7 mln analyst mean. Guides FY18 EPS at least $0.02 above the $2.21 consensus.

– Dolby Laboratories ( DLB ) slumped Tuesday after analysts at B. Riley today cut their investment rating for the company’s stock to Neutral from Buy and also set a $63 price target.

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