Technology Sector Update for 02/02/2018: MARK, GOOG, GOOGL, PI, CHL
Top Tech Stocks
Technology stocks were losing ground again Friday, with shares of tech companies in the S&P 500 losing nearly 1.7% while the Philadelphia semiconductor index was posting a 1.3% decline.
Among technology stocks moving on news:
+ Remark Holdings ( MARK ) was holding a large gain in mid-day trading, climbing almost 7% to a new session high of $9.56 a share, after the artificial intelligence company said Friday its KanKan AI platform has been selected by China Mobile ( CHL ) IoT to assist with its facial recognition and verification technology. Under the deal, China Mobile IoT will deploy KanKan’s SmartEyes product as part of its internet-of-things infrastructure in building and public safety, logistics, energy and traffic control.
In other sector news:
– Analysts were tweaking their price targets for Alphabet (GOOG,GOOGL) shares Friday after the technology conglomerate swung to a $4.35 per share GAAP net loss during the three months ended Dec. 31 as the result from recent changes in federal tax law. Excluding one-time items, it earned $9.70 per share, missing Wall Street estimates looking for $10.07 per share. Revenue increased 24.2% to $32.2 bln, beating the $31.88 bln consensus. Among the ratings shops raising their Alphabet price targets were RBC Capital Markets, adding $40 to their previous estimate for a new target of $1,125 a share. Pivotal increased its price target by $20 to $1,110 while Susquehanna raised its target to $1,475. Heading in the opposite direction was B. Riley, trimming its price target by $25 to $1,375 a share while Stifel has been the only brokerage to downgrade Alphabet, trimming its investment recommendation to Hold from Buy and setting a $1,150 price target.
– Impinj ( PI ) plunged to a new three-year low of $12.40 a share on Friday after the company said chief financial officer Evan Fein was stepping down, effective March 30, adding it has begun its search to find a successor. The new upstaged the mobile technology firm also said it now sees Q4 sales in a range of $29 mln to $30 mln, up from its prior guidance between $28.25 mln to $29.75 mln, topping the analyst mean by at least $100,000.
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