Top Tech Stocks
Technology stocks were regrouping Wednesday after several days of outperforming most other sectors, with shares of tech companies in the S&P 500 today putting up a 0.2% decline.
In company news, chipmaker Analog Devices ( ADI ) began Wednesday trading just under a new, all-time high and quickly sprung to a best-ever $90.49 a share within a few minutes of today’s opening bell after topping the analyst mean with its fiscal Q2 adjusted profit and forecasting financial results for the current quarter also exceeding consensus levels.
Excluding one-time items, the company earned $1.03 per share during the three months ended April 29, improving on non-GAAP, per-share earnings of $0.64 during the year-ago period and beating the Capital IQ consensus by $0.19 per share. Revenue rose 41.2% over the same quarter last year to $1.1 billion, matching analyst estimates.
For Q3, Analog Devices is modeling non-GAAP net income in a range of $1.07 to $1.21 per share on between $1.37 billion to $1.45 billion in revenue. Analysts, on average, are expecting the company to earn $1.04 per share, excluding one-time items, on $1.36 billion in revenue.
In other sector news,
(+) CTRL, (+8.1%) Needham & Co. resumes analyst coverage with a Buy rating and a $22 price target.
(-) IRBT, (-6.2%) Canaccord Genuity downgrade to Hold from Buy; also sets a $90 price target.
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