Technology Sector Update for 08/17/2018: CATM,TIK,NVDA,VJET

Technology stocks reversed their earlier losses, with the shares of tech stocks in the S&P 500 climbing almost 0.3% although the Philadelphia Semiconductor Index remains more than 0.6% lower in late trade.

Among technology stocks moving on news:

+ Cardtronics ( CATM ) climbed to a 16-month high on Friday, rising almost 10% after SunTrust raised its price target for the company’s stock by $10 to $45 a share.

In other sector news:

+ Tel-Instrument Electronics ( TIK ) soared Friday after the avionics and airborne communication equipment company said the German government has told its UK distributor it plans to award a multi-year, multi-million dollar contract for up to 275 of its TS-4530A Mode 5 test sets, although an unsuccessful bidder has filed a protest, which must be first resolved prior to a formal contract award. awarded. The company also said it is pursuing additional equity financing to support planned growth in its business, adding the deal likely will be completed by Sept. 30.

– Nvidia ( NVDA ) dropped as much as 5% on Friday after the specialty chipmaker cut its FY18 revenue forecast below analyst projections amid falling demand for cryptocurrency-related semiconductors. It upstaged better-than-expected Q2 financial results. Despite the weaker outlook, analysts at Oppenheimer Friday raised their investment rating for the company’s stock to Outperform from Perform while Stifel increased its price target for Nvidia by $7 to $250 a share.

– voxeljet AG ( VJET ) declined Friday, at one point dropping almost 7%, after the 3-D printer company reported below-consensus Q2 financial results. The company also is projecting Q3 revenue in a range of EUR6.0 million to EUR8.0 million and FY19 revenue between EUR28.0 million to EUR30.0 million, trailing analyst forecasts by around $900,000 and $2.98 million for Q3 and FY18, respectively.