24 Jan Technology Sector Update for 01/23/2018: LOGI,CNET,ADBE,QCOM,AVGO,ADBE
Top Tech Stocks
Technology stocks were mostly higher Tuesday, with shares of tech companies in the S&P 500 adding more than 0.5% in value today while the Philadelphia semiconductor index was posting a more than 0.6% gain.
Among technology stocks moving on news today:
Logitech International S.A ( LOGI ) was more than 10% higher shortly before today’s closing bell after the computer assessories company Tuesday reported non-GAAP fiscal Q3 net income of $0.65 per share, improving on a $0.56 per share adjusted profit and beating the Capital IQ consensus by $0.07 per share. Net Sales rose 21.8% over year-ago levels to $812 mln and also exceeding the $749.6 mln Street view. Logitech also is projecting FY18 sales growth between 12% to 14%, up from its prior range epxecting 10% to 12%. It also sees non-GAAP operating income in a range range of $270 mln to $280 mln, compared with its prior guidance expecting $260 mln to $270 mln.
In other sector news:
+ ChinaNet Online Holdings ( CNET ) jumped out to a nearly 41% gain during Tuesday trade, touching an intra-day high of $5.27 a share, after the ecommerce and online advertising company today said it signed a deal with Wuxi Jingtum Network Technology and Ford Tree Beijin Blockchain Technology to establish a new joint venture company launching next month to develop new blockchain technology and applications. ChinaNet will be the controlling shareholder leading all aspects of the project.
+ Adobe Systems ( ADBE ) was higher today after analysts at RBC Capital Markets today raised their price target for the software firm by $15 to $208 a share and also reiterated their Outperform rating for the company’s stock.
– Qualcomm ( QCOM ) tipped slightly lower this afternoon after urging stockholders to re-elect its board nominees at the chipmaker’s March 6 annual meeting rather than voting for a competing director slate supported by Broadcom ( AVGO ), asserting the Broadcom hostile takeover bid “dramatically undervalues” the company and runs counter to shareholder interests.
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