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Technology Sector Update for 01/23/2018: LOGI,CNET,ADBE,QCOM,AVGO,ADBE


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Top Tech Stocks

MSFT +0.34%

AAPL +1.24%

IBM +1.24%

CSCO +1.03%

GOOG +0.95%

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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