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

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Technology stocks were firming Tuesday, with shares of tech companies in the S&P 500 adding almost 0.3% while the Philadelphia semiconductor index was posting a more than a 0.9% gain.

Among technology stocks moving on news today:

+ 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 for $244.32 mln for the October-to-December reporting period.

Citing ongoing strength across the chip-making industry and growing demand from key customers, the company also is projecting a revenue increase for the current quarter ending March 31 over the prior fiscal period. The Street is at $253.68 mln.

In other sector news:

+ IBM ( IBM ) rose Tuesday after the company announced plans for a joint venture with A.P Moller-Maersk to develop a more efficient and secure process for global trade using blockchain technology.

+ IHS Markit ( INFO ) was edging higher after the company reported 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 cut their investment rating for the company’s stock to Neutral from Buy and also set a $63 price target.

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