Technology Sector Update for 01/26/2018: INTC,WDC,MSCC

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(Correcting Intel earnings in the fourth paragraph)

Top Tech Stocks

MSFT +1.06%

AAPL -0.37%

IBM +1.61%

CSCO +0.70%

GOOG -0.09%

Technology stocks were solidly higher Friday afternoon, with shares of tech companies in the S&P 500 riding a more than 0.8% advance while the Philadelphia semiconductor index was gaining over 2.0%.

In industry news:

Among technology stocks moving on news:

+ Intel ( INTC ) sped to its best price since the internet bubble in 2000, rising over 10% to $49.95 a share, after Thursday nigh easily beating Wall Street expectations with its Q4 financial results and raising its quarterly dividend by 11% over its most recent distribution. It earned $1.08 per share during the three months ended Dec. 31, improving on $0.79 per share during the year-ago period and beating the Capital IQ consensus of $0.87 per share. Revenue rose 4% to $17.1 billion, also exceeding the $16.34 billion analyst mean. The chipmaker is projecting non-GAAP FY18 net income in a range of $3.50 to $3.60 per share on between $64 billion to $66 billion in revenue. The Street is at $3.28 per share on $63.88 billion in revenue. The company raised its quarterly dividend to $0.30 per share from $0.27 per share previously and payable March 1 to shareholders of record on Feb. 7.

In other sector news:

– Western Digital ( WDC ) was narrowly lower Friday despite reporting non-GAAP fiscal Q2 net income of $3.95 per share, up from $2.30 per share last year, and exceeding the $3.82 per share Street view. Net sales rose to $5.3 billion during the three months ended Dec. 29 from $4.9 billion last year, also matching the $5.31 billion analyst mean.

+ Microsemi ( MSCC ) was higher in Friday trading after reporting fiscal Q1 non-GAAP net income of $1.01 per share and a GAAP profit of $0.40 per share. The Street was at $1.01 per share and $0.41 per share, respectively. Net sales rose 7.6% year over year to $468.7 million, topping the $460 million analyst mean. Guides Q2 sales at least $12.9 million above the $464.1 million Wall Street projection.

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