25 Jan Technology Sector Update for 01/24/2018: TXN,QCOM,AAPL,APH,BIDU,NFLX
Top Tech Stocks
Declines for technology stocks continued to pick up speed Wednesday, with shares of tech companies in the S&P 500 dropping almost 0.7% in value today while the Philadelphia semiconductor index was posting a more than 2.2% decline.
Among technology stocks moving on news today:
Texas Instruments ( TXN ) slumped Wednesday, sinking over 9% to a session low of $108.68 a share, after the analog chipmaker saw its net income fall 67% from year-ago levels to $0.34 per share during the three months ended Dec. 31 from $1.02 per sharelast year. The GAAP results included $0.75 per share in tax-related expenses not included in its prior forecast$108reported Q4 revenue of $3.75 billion, up 10% from the $3.414 billion posted a year ago and ahead of the analyst consensus of $3.74 billion on Capital IQ. Earnings declines 67% to $0.34 per share from $1.02 per share last year. Earnings for the just completed quarter included $0.75 per share in tax related expenses not included in its original guidance and producing non-GAAP earnings of $1.09 per share. Analysts, on average, were looking for a GAAP profit of $1.09 per share and non-GAAP earnings of $1.12 per share. Revenue rose 10% to $3.75 bln, roughly in-line with the $3.74 bln analyst mean.
In other sector news:
– Qualcomm ( QCOM ) declined Wednesday after saying it plans to appeal a EUR997 mln ($1.23 bln) fine levied by the European Commission on the chipmaker for abusing its market position. In particular, the ruling stems from an agreement between Qualcomm and Apple Inc. ( AAPL ) in effect between 2011 to 2016 setting the price of modem chips, with the commission alleging Qualcomm kept its rivals out of the market by paying kickbacks to Apple on condition it would not buy from other companies. Qualcomm “strongly” rejected those assertions and said it was planning to immediately file an appeal with the General Court of the European Union.
– Amphenol ( APH ) was narrowly lower this afternoon, giving back an early advance that lifted the company’s stock to within 9 cents of its 52-week high of $93.62 a share after reporting adjusted Q4 EPS of $0.86, exceeding the Capital IQ consensus by $0.04 per share. Net sales rose 17.6% to $1.94 bln, also beating the $1.8 bln Street view. It sees FY18 net sales in a range of $7.44 bln to $7.6 bln, topping the analyst mean by at least $120 mln.
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