26 Jan Technology Sector Update for 01/25/2018: MRIN,AVT,CCMP,STM
Top Tech Stocks
Technology stocks were unable to hang on to their modest gains earlier Thursday, with shares of tech companies in the S&P 500 falling about 0.2% in value today while the Philadelphia semiconductor index was posting a more than 1.5% decline.
Among technology stocks moving on news:
Marin Software ( MRIN ) was lower shortly before Thursday’s closing bell, at one point dropping almost 3% to a session low of $10.00 a share, after today disclosing a company-wide restructuring plan to reduce its operating expenses to address falling revenues and set the stage for future growth, according to a Form 8-K regulatory filing with the U.S. Securities and Exchange Commission today. The program will trim 48 job positions – or about 11% – of its global workforce and is expected to lower its upcoming Q1 financial results by between $1 mln to $1.5 mln, largely for severance and lease termination expenses.
In other sector news:
+ Avnet ( AVT ) was higher Thursday after reporting fiscal Q2 EPS of $0.78, adding a penny to last year’s profit and topping the Capital IQ consensus by $0.05 per share. Net sales climbed 5.9% over year-ago levels to $4.52 bln, also exceeding the $4.46 bln analyst mean.
+ Cabot Microelectronics ( CCMP ) rose this afternoon after reporting above-consensus Q1 adjusted net income, rising 29% over year-ago earnings to $1.19 per share and beating the Street view by $0.17 per share. Revenue rose 14.4% to $140 mln, topping the $137.9 mln consensus.
– STMicroelectronics NV ( STM ) turned south this afternoon, giving back a 4% rise earlier today that followed the Swiss chipmaker Thursday reporting non-GAAP Q4 net income of $0.36 per share, edging past the Capital IQ consensus by $0.02 per share. Revenue grew 32.8% to $2.47 bln, also exceeding the $2.36 bln Street view. The company today also selected Jean-Marc Chery to be its new chief executive officer, promoting the deputy CEO after the retirement of Carlo Bozotti, effective at STMicro’s next annual general meeting. In a related move, chief financial officer Carlo Ferro also has decided to step down at the same time Bozotti retires.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.