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


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Top Tech Stocks

MSFT -0.23%

AAPL -0.38%

IBM -4.12%

CSCO -0.17%

GOOG -0.02%

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

In industry news:

In cryptocurrency news, the US Securities and Exchange Commission (SEC) said Thursday it is not “appropriate” for providers to begin the process of registering funds that intend to invest substantially in cryptocurrency, while asking sponsors to withdraw their requests seeking approval for such products. The Commission declined to support any plans to unveil cryptocurrency-linked products for retail investors, all but shooting down imminent launches in the red-hot market.

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:

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

In other sector news:

– IBM ( IBM ) declined Friday despite the tech company Thursday night reporting above-consensus Q4 financial results, including non-GAAP net income of $5.18 per share, up from $5.01 per share last year and exceeding Wall Street expectations by $0.01 per share. Revenue rose to $22.5 billion from $21.77 billion in the year-ago period, also beating the $22.0 billion Street view. IBM and Salesforce (CRM) Friday also extended their partnership, uniting Saleforce’s cloud-based customer-retention technology with IBM’s Watson supercomputer capabilities.

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

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