Top Tech Stocks
Technology stocks were firming Friday, with shares of tech companies in the S&P 500 adding more than 0.1% in value while the Philadelphia semiconductor index was rising over 0.9%.
Among technology stocks moving on news:
+ Roku ( ROKU ) shares was advancing during Friday trading, topping out with a nearly 8% gain after short-sellers Citron Research said it was now long on the internet video provider after recently covering its prior short position. In a new research report, Citron asserts Roku is trading at the largest discount ever to (its) Over-The-Top peers “despite being the only OTT pure play that generates revenue.” Citron also said Roku could eventually triple in value after comparing its current subscriber base with the direct-to-consumer streaming service BAMTech. The Walt Disney Co ( DIS ) previously paid $1 billion for a 33% share of BAMTech and in August 2017 agreed to buy another 42% stake in the company for $1.58 billion over the next several years.
In other sector news:
+ SolarEdge Technologies ( SEDG ) was staying near its session high, Friday climbing over 6% higher, after the photovoltaic panels installation company late Thursday said in a regulatory filing that shareholders participating in its annual meeting voted to re-elect Guy Sella and Avery More as Class III board members. Sella received over 16.1 million “yea” votes and just over 7.0 million “nay” votes while More garnered almost 13.4 million positive votes compared with over 9.7 votes against his reelection. There also were more than 5.6 million broker non-votes.
– 8×8 Inc ( EGHT ) tumbled as much as 22% on Friday after the internet services company reported mixed fiscal Q4 financial results, including an adjusted net loss of $0.03 per share on $79.34 million in revenue compared with the Street view looking for $0.00 per share on $77 million in revenue. On a GAAP basis, the company posted a $0.14 per share net loss, almost doubling the Capital IQ consensus modeling an $0.08 per share GAAP net loss.