Top Tech Stocks
Technology stocks were finishing in a deep hold today despite a modest uptick during the final hour of Friday trading. At last look, shares of tech stocks in the S&P 500 were losing more than 1.6% in value while the Philadelphia Semiconductor Index was falling almost 1.9%.
Among technology stocks moving on news:
(+) Ubiquiti Networks ( UBNT ) rose to a new, all-time high on Friday, climbing almost 19% to a best-ever $112.38 a share after the local business connections platform reported fiscal Q1 financial results topping analyst projections and also authorized a new $200 million stock buyback program. Excluding one-time items, adjusted net income for Ubiquiti rose 27.2% over the year-ago period during the three months ended Sept. 30 to $1.17 per share, exceeding the Capital IQ consensus by $0.16 per share, while its GP earnings rose 26.1% year over year to $1.16 per share to beat the $0.95 per share analyst mean. Net sales grew 15.1% to $282.9 million, also surpassing the $270.6 million Street view.
In other sector news:
(+) Finisar ( FNSR ) climbed as much as 20% on Friday after the networking equipment company agreed to a $3.2 billion buyout offer from optoelectrical components manufacturer II-VI ( IIVI ). Under terms of the proposed transaction, II-VI will pay $26 for each Finisar share, equal to a 37.7% premium over Thursday's closing price.
(-) Activision Blizzard ( ATVI ) fell to a 19-month low on Friday, at one point dropping almost 15% to its worst share price since April 2017 at $53.50, after reporting Q3 net income and revenue trailing year-ago comparisons and missing Wall Street estimates. The video game company earned $0.42 per share on $1.51 billion in revenue, lagging the Capital IQ consensus by $0.08 per share and $150 million, respectively. It reported a $0.47 per share profit during the same quarter last year on $1.61 billion in revenue.
(-) Yelp ( YELP ) dropped as much as 32% lower, reaching a 17-month low of $29.33 after the local business review website reported a sharp increase in Q3 earnings over year-ago, but also said that business had slowed during the quarter and forecast FY18 revenue lagging Wall Street expectations. The company reported Q3 net income of $0.17 per share compared with $0.09 per share during the same quarter last year. Analysts, on average, had been expecting a $0.35 per share profit on a non-GAAP basis and $0.10 per share on a GAAP basis. Revenue rose to $241 million from $223 million last year, lagging the $245.6 million consensus estimate.
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