Technology Sector Update for 01/31/2018: GIB,GIB-A.TO,ADP,SLAB,CMCM,CHKP

Shutterstock photo

Top Tech Stocks

MSFT +1.52%

AAPL +0.16%

IBM -0.17%

CSCO -1.83%

GOOG -0.01%

Technology stocks managed to recoup a portion of yesterday’s steep declines, with shares of tech companies in the S&P 500 adding almost 0.5% in value today while the Philadelphia semiconductor index was posting a more than 0.7% gain.

Among technology stocks moving on news:

CGI Group (GIB,GIB-A.TO) was higher in late Wednesday trading, after the Canadian cybersecurity and data analytics company reported improved fiscal Q1 earnings and revenue compared with its year-earlier period. Excluding one-time items, adjusted net income grew to C$0.99, or $0.81, per share from C$0.90 per share last year, topping the Capital IQ consensus expecting C$0.97 per share. Revenue rose 5.2% year over year to C$2.82 bln, also beating the $2.78 bln analyst mean.

In other sector news:

+ Automatic Data Processing ( ADP ) rode a 3% advance to a new, all-high on Wednesday after reporting 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% to $3.24 bln, also beating the analyst mean by around $60 mln. The company raised its forecast for FY18 revenue growth to a new range of 7% to 8% while analysts, on average, are modelling 6.7% growth to $13.21 bln in revenue. It also sees per-share earnings this year rising 12% to 13%, or between $4.14 to $4.18 per share. The Street is at $3.99 per share.

+ 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 today releasing its SafeWallet cryptocurrency wallet for smartphones and touting its three-tiered security defense system and easy-to-use interface.

– Silicon Laboratories ( SLAB ) turned lower again, trading just under Tuesday’s closing price despite today reporting non-GAAP Q4 net income of $0.93 per share, beating the Street view by $0.07 per share. Total revenue grew 10.1% to a best-ever $201.0 mln, also topping the $197.9-mln consensus. For the current quarter, the fabless chipmaker is projecting non-GAAP earning in a range of $0.73 to $0.79 per share, straddling the $0.76 per share analyst mean. It also sees Q1 revenue coming in between $196 mln to $202 mln, inching past the $195.3 mln Wall Street estimate.

– Check Point Software ( CHKP ) was fractionally lower today after it was down 4% in pre-market trade after missing analyst estimates with its Q4 revenue, climbing almost 4% to $506 mln and trailing the $508.6 mln 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.

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 All rights reserved. Unauthorized reproduction is strictly prohibited.

No Comments

Post A Comment