03 Feb Technology Sector Update for 02/02/2018: SNE,MARK,GOOG,GOOGL,PI
Top Tech Stocks
Technology stocks lost ground again Friday, with shares of tech companies in the S&P 500 dropping over 2.6% in value today while the Philadelphia semiconductor index was posting a 2.5% decline.
Among technology stocks moving on news:
+ Sony Corp ( SNE ) hit a more than 10-year high on Friday, with shares of the consumer electronics manufacturer rising almost 10% to their best price since July 2007 at $53.91 each, after reporting above-consensus fiscal Q3 financial results. It also said CEO Kazuo Hirai will be succeeded by chief financial officer Kenichiro Yoshida. The company earned JPY228.91 ($2.08) per share during the three months ended Dec. 31, beating the JPY104.31 consensus. Net sales rose 11.5% to JPY2,672.3 bln, also topping the JPY2,560.40 bln. It also raised its forecast for operating income to JPY720 bln from JPY630 bln. Consolidated sales still are projected at around JPY8.5 trillion.
In other sector news:
+ Remark Holdings ( MARK ) was hanging for to a large gain in late-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 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.
– Analysts were tweaking their price target for Alphabet (GOOG,GOOGL) shares Friday after it missed analyst estimates with adjusted Q4 EPS of $9.70 per share, falling $0.37 per share shy of the Capital IQ consensus. Revenue increased 24.2% to $32.2 bln, beating the $31.88 bln consensus. Among the ratings shops raising their price targets for Alphabet were RBC Capital Markets, adding $40 to its 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 by a whooping $225 to $1,475. Heading in the opposite direction was B. Riley, trimming its price target by $25 to $1,375 a share while Stifel was the only brokerage to downgrade Alphabet today, paring its rating to Hold from Buy and setting a $1,150 price target.
– Impinj ( PI ) plunged to a new three-year low of $12.40 after today saying it has begun the search for chief financial officer after Evan Fein told the mobile technology company he was stepping down, effective March 30. The news upstaged the firm Friday boosting its Q4 sales forecast to a new range of $29 mln to $30 mln, up from its prior guidance expecting between $28.25 mln to $29.75 mln and topping the analyst mean by at least $100,000. Analysts at RBC Capital Markets, Needham and Dougherty & Co all lowered their investment call for the company’s stock, with Needham and Dougherty both dropping their former Buy ratings to Hold and Neutral, respectively. RBC cut its stock recommendation to Sector Perform from Outperform.
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