Technology Sector Update for 01/19/2018: LRAD,ZAYO,IBM,CRM,ALGN,IPHI,WDC

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Top Tech Stocks

MSFT -0.09%

AAPL -0.66%

IBM -4.17%

CSCO -0.27%

GOOG +0.45%

Technology stocks were little changed in recent trade, with shares of tech companies in the S&P 500 rising almost 0.1% today while the Philadelphia semiconductor index was posting a nearly 0.2% gain.

Analyst Actions:

Align Tech ( ALGN ), downgrade to Equal-Weight at Stephens

Inphi ( IPHI ) downgrade to Neutral from Buy at Bank of America Merrill Lynch

Inphi ( IPHI ) downgrade to Equal-Weight from Overweight at Morgan Stanley

Western Digital ( WDC ), Macquarie begins coverage with Neutral rating and $90 price target

Among technology stocks moving on news today:

– LRAD ( LRAD ) fell Friday after announcing a deal to acquire Genasys Holding SL, paying EUR3.1 mln, or about $3.8 mln, for the Spanish location-based mass messaging software company.

In other sector news:

+ Zayo Group Holdings ( ZAYO ) Friday said it has acquired Vancouver-based Optic Zoo Networks, a high-capacity fiber operator in Vancouver, for C$31 mln, or about $24.9 mln. The deal adds 103 route miles and more than 100 on-net buildings to Zayo’s footprint in the Vancouver region. It also deepens the company’s customer base and enhances its ability to cross-sell to a wide group of U.S. and Canadian customers.

– IBM (IBM) declined Friday despite the tech company last night reporting above-consensus Q4 financial results, including non-GAAP net income of $5.18 per share, and exceeding Wall Street expectations by $0.01 per share. Revenue rose to $22.5 bln from $21.77 bln last year, also beating the $22.0 bln Street view. IBM and Salesforce (CRM) also today said they have extended their strategic partnership, linking Saleforce’s cloud-based customer-retention technology with IBM’s Watson supercomputer capabilities.

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