Technology Sector Update for 01/31/2018: ADP,CMCM,CHKP

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Top Tech Stocks

MSFT +1.62%

AAPL -0.04%

IBM +0.12%

CSCO -1.0%

GOOG +0.61%

Technology stocks were recouping a portion of their steep declines of Tuesday, with shares of tech companies in the S&P 500 adding more than 0.6% in value Wednesday while the Philadelphia semiconductor index was posting a more than 1.6% gain.

Among technology stocks moving on news:

+ Automatic Data Processing ( ADP ) pushed out to a new, all-high on Wednesday, climbing more than 3% to reach $124.55 a share, after the performance analytics company reported a $0.99 per share Q2 adjusted profit, up from $0.87 per share during the same quarter last year and topping the Capital IQ consensus by $0.09 per share. Revenue climbed 8.4% over last year to $3.24 billion, also beating the analyst mean by around $60 million. Looking forward, the company raised its forecast for FY18 revenue growth to a new range of 7% to 8% from 5% to 7% previously. Analysts, on average, are modelling 6.7% growth to $13.25 billion in revenue for the 12 months ending June 30.

In other sector news:

+ Cheetah Mobile ( CMCM ) was trading higher Wednesday afternoon, retaining almost all of its more than 10% rise to a session high of $17.20 a share, after releasing its SafeWallet cryptocurrency wallet for smartphones and touting its three-tiered security defense system and easy-to-use interface.

– Check Point Software ( CHKP ) was down 1% in recent trading after reporting its Q4 revenue rose to $506 million from $486.7 million but trailed the $508.6 million Capital IQ consensus. Excluding one-time items, it earned $1.58 per share, compared with $1.46 per share last year and beating the Street view by $0.07 per share.

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