Top Tech Stocks
Technology stocks were posting large gains in afternoon trading, with the shares of tech stocks in the S&P 500 adding 1.2% in value while the Philadelphia Semiconductor Index was rising 3.3%.
Among technology stocks moving on news:
(+) Synnex ( SNX ) climbed 10% after the data-center servers and storage company late Tuesday reported non-GAAP net income rose 20.2% during the three months ended May 31 over the year-ago period to $2.86 per share, topping the Capital IQ consensus by $0.15 per share. Revenue increased 16.6% compared with the same quarter last year, climbing to $5.72 billion from $4.9 billion and also exceeding the $5.52 billion analyst mean.
In other sector news:
(+) Micron Technology ( MU ) raced over 13% higher after late Tuesday reporting better-than-expected financial results for its fiscal Q3, prompting a Needham upgrade. The chipmaker also has resumed selected shipments to Huawei Technologies after finding a "subset" of products not subject to the US export ban against the Chinese networking equipment company, CEO Sanjay Mehrotra said during a conference call to discuss its Q3 results, according to news reports.
(-) BlackBerry ( BB ) was down more than 9%. The Canadian communications software and equipment company reported non-GAAP fiscal Q1 net income of $0.01 per share, down from a $0.03 per share adjusted profit during the same quarter last year but still topping the Capital IQ consensus expecting a break-even quarter. Adjusted revenue grew 23% year-over-year to $267 million, also beating the $264.6 million Street view.
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