19 Jan Technology Sector Update for 01/18/2018: LIVE,SPI,TIVO,GOOG,GOOGL,TSM,AAPL
Top Tech Stocks
Technology stocks were firming Thursday, with shares of tech companies in the S&P 500 adding just over 0.2% in value while the Philadelphia semiconductor index was posting a more than 0.4% gain.
In industry news:
Apple ( AAPL ) was fractionally higher after CEO Tim Cook Wednesday night told ABC News the tech giant will be releasing a software patch telling iPhone users if another update recently sent out to address security concerns with the chips running their older mobile devices is slowing performance for those phones. Users will be able to disable the feature although their phones may automatically restart.
Apple shares may also be continuing to receive a lift from Wednesday’s announcement it will open a new campus somewhere in the United States and hire another 20,000 employees as part of a five-year, $350 billion investment program. The company also is expecting a one-time tax payment of around $38 billion as it repatriates its overseas earnings but it has not said how much of its $252.3 billion in overseas cash it will return home and how much of the construction and hiring plans were already in place prior to the federal corporate tax reforms adopted late last year.
Among technology stocks moving on news:
+ Live Ventures ( LIVE ) rallied Thursday, with shares of the deal-engine company at one point in the morning riding a 40% advance to a session high of $20.50 each after saying its FY17 revenue almost doubled compared with prior-year levels. Revenue climbed 92.6% to $152 million during the 12 months ended Sept. 30 while its non-GAAP net income rose to $2.94 per share from $0.27 per share during the prior-year period. Analyst estimates were not available.
In other sector news:
+ SPI Energy ( SPI ) raced as much as 50% higher Thursday after the solar energy firm said it was partnering with cryptocurrency wallet developer Hoofoo. The deal calls on SPI Energy to leverage its presence in Australia, China, Europe and the United States to distribute and popularize the Hoofoo crypto-wallet.
+ TiVo ( TIVO ) was hanging on to a more than 1% mid-day advance after signing an expanded licensing agreement with Alphabet’s (GOOG,GOOGL) Google and YouTube TV units for use of its patented technologies.
+ Taiwan Semiconductor ( TSM ) rose after reporting a $0.03 year-over-year decline in its Q4 profit to NT$3.83 per share, topping the NT$3.75 per share consensus. Revenue climbs 5.8% to NT$277.57, roughly in-line with the NT$277.72 bln Street view.
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