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.
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