Top Tech Stocks
Technology stocks were edging higher Tuesday, reversing prior declines, with shares of tech companies in the S&P 500 adding more than 0.3% in value today while the Philadelphia semiconductor index was sinking about 0.1%.
Among technology stocks moving on news:
+ Broadcom ( AVGO ) was holding on to a slim gain shortly before Tuesday's closing bell after the networking equipment manufacturer pared its bid demands to seize control of chipmaker Qualcomm ( QCOM ), saying it will only seek to sit six members on the Qualcomm board rather than a full nominee slate of 11 director candidates. "By electing all of the Broadcom nominees, Qualcomm stockholders will direct a simple majority of the board to transact with Broadcom on its highly compelling proposal, while also ensuring that there is board continuity with the remaining five directors," Broadcom said in prepared remarks. Qualcomm ( QCOM ) last week rejected Broadcom's ( AVGO ) revised $82-per-share takeover offer, saying the bid still undervalues the company despite the extra $12 in stock compared with Broadcom's original offer.
In other sector news:
- Endurance International ( EIGI ) has slid to negative ground in recent trade, reversing a 3.3% gain earlier Tuesday that followed the company reporting Q4 net income of $0.05 per share, exceeding the Capital IQ consensus expecting a $0.15 per share loss. Revenues climbed to $294.3 million from $292.1 million last year, topping the $289.2 million mean estimate. Looking forward, Endurance is expecting between $1.14 billion to $1.16 billion in FY18 revenue, just shy of the $1.17 billion Street view.
- Himax Technologies ( HIMX ) has pared much of a 10% decline Tuesday that followed the fabless chipmaker reporting adjusted Q4 net income of $0.14 per American depositary share, matching the Capital IQ consensus call. Revenue fell to $181.1 million from $203.4 million last year, missing the $184.3 million Street view. Forecasts surprise Q1 net loss compared with analyst mean expecting $0.04 per share profit.
- Nova Measuring Instruments ( NVMI ) turned lower Tuesday afternoon, giving back a more than 2% advance as high as $26.10 a share that followed the metrology systems company reporting non-GAAP Q4 net income of $0.45 per share, improving on an adjusted $0.42 per share profit during the prior-year period and exceeding the Capital IQ consensus by $0.06 per share. Revenue rose to $57.4 million from $50.2 million last year, also beating the $55.1 million analyst mean. Nova also issued in-line Q1 forecasts, projecting non-GAAP net income of $0.34 to $0.45 per share on $54 million to $60 million in revenue for the current quarter ending March 31. Analysts, on average, are expecting the company to earn $0.40 per share, excluding one-time items, on $54.3 million in revenue.
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