Top Tech Stocks
Technology stocks were mostly lower Friday, with shares of tech companies in the S&P 500 losing slightly more than 0.2% in value today while the Philadelphia semiconductor index was posting a more than 0.7% decline.
Among technology stocks moving on news:
+ Globant ( GLOB ) reached a new record high on Friday, rising almost 18% to a best-ever $55.68 a share, after the technology services company, reported non-IFRS adjusted Q1 net income and revenue exceeding Wall Street expectations and issued Q2 revenue guidance also surpassing analyst estimates. Excluding one-time items, the company earned $0.38 per share for the three months ended March 31, up from $0.25 per share during the year-ago period and beating the Capital IQ consensus by $0.04 per share. Revenue rose 34.9% year over year to $119.7 million, also topping the analyst mean expecting $113.96 million in quarterly revenue. Globant is projecting non-IFRS adjusted Q2 net income in a range of $0.36 to $0.40 per share on between $124 million to $126 million in revenue. The Street is at $0.36 per share on $120.6 million in revenue. It also sees its non-IFRS adjusted FY18 per-share earnings of $1.56 to $1.64, straddling the $1.58 per share consensus call of analysts. Globant is expecting FY18 revenue between $502 million to $510 million, also spanning the $504.06 million Street view.
In other sector news:
+ MoSys ( MOSY ) rallied Friday, streaking almost 47% to a session high of $2.23 a share, after the microchip manufacturer late Thursday reported non-GAAP Q1 net income and revenue exceeding Wall Street projections. Excluding one-time items, the company earned $0.06 per share, reversing a $0.01 per share adjusted net loss during the same quarter last year, and topping the single-analyst estimate expecting a $0.04 per share adjusted net loss. Total revenue more than tripled compared with year-ago levels, rising to $4.2 million from 1.2 million during the year-ago period and narrowly beating the $4 million Street view. MoSys is projecting between $4.3 million to $4.5 million in revenue for the current quarter ending June 30, surpassing the lone analyst's call by at least $100,000.
- Itron ( ITRI ) slumped over 3% at lone point Friday after the measurement and analyst company said it was delaying its Form 10-Q for the three months ended March 31 until May 15, the day after it reports its Q1 financial results, explaining it required more time to properly account for its recent acquisition of Silver Spring Networks.
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