Top Tech Stocks
Technology stocks extended their gains Thursday afternoon, with shares of tech companies in the S&P 500 advancing nearly 0.6% today while the Philadelphia semiconductor index was putting up a 0.5% gain.
In industry news:
Apple ( AAPL ) was fractionally higher today after CEO Tim Cook last night told ABC News the tech giant will be releasing a software patch telling iPhone users if another update recently sent out to address security concerns with the chips running their older mobile devices is slowing performance for those phones. Users will be able to disable the feature although their phones may automatically restart.
Apple shares may also be continuing to receive a lift from Wednesday’s announcement it will open a new campus somewhere in the United States and hire 20,000 employees as part of a five-year, $350 billion investment program. The company is expecting a one-time tax payment of around $38 bln as it repatriates its overseas earnings but it has not said how much of its $252.3 bln in overseas cash it will bring home and how much of the construction and hiring plans were already in place prior to the federal corporate tax reforms adopted late last year.
Among technology stocks moving on news today:
Microvision ( MVIS ) dropped as much as 9% on Thursday,sinking to a session low of $1.34 a share, after the scanning technology company today forecast Q4 revenue trailing the three-analyst consensus call by at least 55%. The company is expecting to report between $2.4 mln to $2.7 mln in revenue during the three months ended Dec. 31, well under the $6 mln analysts mean. The company explained it had expected to recognize about $4.3 mln remaining from a $6.7 mln order during the final three months of 2017 but the customer instead requested a deferment from receiving the small-form factor display engines until later in the current quarter and continuing into Q2.
In other sector news:
+ SPI Energy ( SPI ) raced as much as 50% higher Thursday after the solar energy firm said it was partnering with cryptocurrency wallet developer Hoofoo. The deal calls on SPI Energy to leverage its presence in Australia, China, Europe and the United States to distribute and popularize the Hoofoo crypto-wallet.
+ Live Ventures ( LIVE ) rode a 40% advance at one point today to session high of $20.50 a share after reporting a 92.6% revenue increase during the 12 months ended Sept. 30 to $152 mln while non-GAAP net income jumped to $2.94 per share from $0.27 per share during the prior year period. Analyst estimates were not available.
+ Taiwan Semiconductor ( TSM ) rose after reporting a Q4 profit of NT$3.83 per share, topping the NT$3.75 per share consensus. Revenue climbed 5.8% to NT$277.57, roughly in-line with the NT$277.72 bln Street view.
+ TiVo (TIVO) was hanging on to a nearly 2% advance in late trade after signing an expanded licensing agreement with Alphabet’s (GOOG,GOOGL) Google and YouTube TV units for use of its patented technologies.