Technology Sector Update for 01/22/2018: ENTG,NUAN,TWOU
Top Tech Stocks
Technology stocks were higher Monday afternoon, with shares of tech companies in the S&P 500 adding more than 0.6% in value while the Philadelphia semiconductor index was posting a more than 0.4% gain.
Among technology stocks moving on news Monday:
Entegris ( ENTG ) was edging lower in afternoon trading, reversing a 2.5% advance earlier to reach a record high of $34.80 a share that followed the chip-making supplier Monday saying it is acquiring privately held Particle Sizing Systems LLC for around $37 million in cash. Particle Sizing Systems focuses on particle-sizing instrumentation for liquid applications in the semiconductor and life science industries. Entegris is expecting the transaction to add to its FY18 per-share earnings.
In other sector news:
– Nuance ( NUAN ) was up strongly during Monday trading after issuing preliminary fiscal Q1 financial results exceeding its prior guidance and Wall Street expectations. The company is now projecting a non-GAAP Q1 profit between $0.26 to $0.27 per share, up from $0.19 to $0.22 per share previously and beating the Capital IQ consensus looking for $0.22 per share. It also is looking for revenue in a range of $500 million to $503 million compared with $478 million to $492 million in its prior forecast and also topping the $492.1 million consensus view.
– Education technology company 2U ( TWOU ) was higher Monday afternoon after signing a strategic partnership with WeWork, a provider of shared workspaces. Under the terms of the partnership, WeWork will open its workspaces to students in 2U-powered online graduate programs while 2U will provide $5 million for scholarships for WeWork community members and employees to participate in 2U graduate programs and short courses.
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