Top Tech Stocks
Technology stocks were significantly higher Monday, with shares of tech companies in the S&P 500 adding over 0.8% in value while the Philadelphia semiconductor index was posting a more than 0.7% gain.
Among technology stocks moving on news:
- Qualcomm Inc ( QCOM ) was trading lower Monday afternoon, sinking almost 2% to a session low of $63.68 a share, after US regulators ordered the specialty chipmaker to postpone the shareholders' vote on its proposed $117 billion acquisition by Broadcom ( AVGO ) in order to give the government more time to review the deal. The order also delays Broadcom's proxy fight for control of the Qualcomm board of directors. Separately, Qualcomm Monday also extended its tender offer for all of NXP Semiconductors' ( NXP ) common stock until 5 pm ET on Friday, March 9. Through Friday's close, only 10.5% of NXP Semi shares had been validly tendered.
In other sector news:
- ACM Research ( ACMR ) was surging Monday, climbing to a session high of $8.44 a share and stopping just 4 cents shy of its 52-week high, after reporting improved Q4 net income and revenue and guiding FY18 sales above Wall Street expectations. Excluding one-time items, the maker of single-wafer wet cleaning equipment for semiconductor manufacturers earned $3.3 million compared with adjusted net income of $1.4 million during the year-ago period. Revenue rose to $17.2 million from $14.3 million last year and easily beating the Capital IQ consensus expecting $11.4 million in revenue. Looking forward, the company is projecting around $65 million in FY18 revenue, also topping the three-analyst consensus expecting $46.1 million.
- Jianpu ( JT ) was edging lower Monday afternoon following the financial data analytics firm buying a 65% majority stake in a Chinese tech company specializing in optimizing data-driven risk management decisions for RMB110 million, or about $17.4 million in cash and a stock. It did not identify the target company.
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