Top Tech Stocks
Technology stocks were giving back all of Thursday’s moderate advance, with shares of tech companies in the S&P 500 dropping over 0.7% during Friday trading.
In company news, Jabil Circuit ( JBL ) shares surged to a new 52-week high on Friday after the electronic manufacturing services company and Apple ( AAPL ) supplier reported fiscal Q1 net income and revenue exceeding Wall Street expectations.
The company earned $0.69 per share during the three months ended Nov. 30, beating the Capital IQ Consensus by $0.05 per share. Revenue fell 2.0% from the same quarter last year to $5.1 billion, also topping the $4.91 billion Street view.
It also forecast in-line performance for the current quarter, projecting Q2 net income in a range of $0.35 to $0.57 per share on between $4.2 billion to $4.5 billion in revenue. Analysts, on average, were looking for a $0.45 per share profit on $4.36 billion in revenue.
JBL shares were up over 15% at $24.89 apiece, earlier climbing to their best price since Dec. 4 last year at $25.14 a share.
In other sector news,
(+) LPTH, (+8.2%) Prices public offering of 7 mln shares of common stock at $1.21 apiece, or just a penny under Thursday’s closing price.
(-) SPI, (-3.1%) Buys 50% equity stake in two solar projects now under construction with combined capacity of 3.98 megawatts from Japan-based EastAsia Group for an undisclosed amount. Both projects are expected to connect to the grid before next September.
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