Technology Sector Update for 02/22/2018: TSEM,GOGO,MITL

Top Tech Stocks

MSFT +0.59%

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IBM +0.34%

CSCO -0.14%

GOOG +0.49%

Technology stocks were easing slightly Thursday afternoon, with shares of tech companies in the S&P 500 adding almost 0.7% while the Philadelphia semiconductor index was posting a more than 0.4% gain.

Among technology stocks moving on news:

– Tower Semiconductor ( TSEM ) retreated Thursday, sinking more than 10% to a session low of $30.06 a share, after the chipmaker reported Q4 revenue lagging analyst estimates and issued below-consensus guidance for Q1 revenue. Revenue rose to $357.6 million from $340.4 million during the year-ago period but lagged the $358.1 million analyst mean. Excluding one-time items, it earned $0.58 per share during the three months ended Dec. 31, improving on an adjusted Q4 profit of $0.52 per share during the same quarter last year and exceeding the Capital IQ consensus by $0.03 per share. For the current quarter, Tower Semi is projecting revenue in a range 5% either side of $325 million. That translates into a Q1 forecast between $308.75 million to $341.25 million, also missing the Street view expecting $346.7 million in revenue during the three months ending March 31.

In other sector news:

– Gogo ( GOGO ) dropped almost 13% to a session low of $9.15 a share, after the internet access provider reported a net loss of $0.52 per share for the three months ended Dec. 31, expanding on a $0.34 per share loss during the year-ago period and coming in $0.04 per share wider than the Capital IQ consensus. Revenue grew to $188 million from $160 million during the same quarter last year and beat the Street view expecting $181.4 million in Q4 revenue. The company also is modelling FY18 revenue in a range of $865 million to $935 million and between $750 million to $790 million under ASC 605 rules. Analysts, on average, are looking for $768.3 million in revenue this year.

– Mitel Networks ( MITL ) declined nearly 11% on Thursday, touching a session low of $8.24 a share, after reporting Q4 non-GAAP net income of $0.27 per share, up from $0.22 per share during the year earlier period and beating the Capital IQ consensus by $0.01 per share. Revenue rose to $355.9 million compared with $259.8 million last year, also topping the $345.9 million Street view.

source:-nasadaq