Top Tech Stocks
Technology stocks were firming Thursday, with shares of tech companies in the S&P 500 climbing about 0.4% in value while the Philadelphia semiconductor index was posting a more than 0.3% decline.
Among technology stocks moving on news:
STMicroelectronics NV ( STM ) was hanging on to a 1% advance in mid-day Thursday trading, giving back much of a 4% rise to $24.31 a share that followed the Swiss chipmaker reporting improved non-GAAP Q4 net income compared with last year and also beating analyst estimates. Excluding one-time items, the company earned $0.36, up from $0.15 per share during the same quarter last year and edging past the $0.34 per share consensus call. Revenue grew 32.8% over year-ago levels to $2.47 billion, also exceeding the $2.36 billion Street view. The company also said it has named Jean-Marc Chery to be its new chief executive officer, promoting the deputy CEO after the retirement of Carlo Bozotti, effective at STMicro’s next annual general meeting. In a related move, chief financial officer Carlo Ferro also has decided to step down at the same time Bozotti retires.
In other sector news:
+ Avnet ( AVT ) was higher Thursday after reporting fiscal Q2 EPS of $0.78, adding a penny to last year’s profit and topping the Capital IQ consensus by $0.05 per share. Net sales climbed 5.9% over year-ago levels to $4.52 billion, also exceeding the $4.46 billion analyst mean.
+ Cabot Microelectronics ( CCMP ) rose after reporting above-consensus Q1 adjusted net income, rising 29% over year-ago earnings to $1.19 per share and beating the Street view by $0.17 per share. Revenue rose 14.4% to $140 million, topping the $137.9 million consensus.