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Technology Sector Update for 12/16/2016: JBL,LPTH,SPI


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Top Tech Stocks

MSFT -0.61%

AAPL +0.05%

IBM -0.88%

CSCO -0.85%

GOOG -0.72%

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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Technology Sector Update for 12/16/2016: JBL,LPTH,SPI Reviewed by on . Shutterstock photo Top Tech Stocks MSFT -0.61% AAPL +0.05% IBM -0.88% CSCO -0.85% GOOG -0.72% Technology stocks were giving back all of Thursday's moderate adva Shutterstock photo Top Tech Stocks MSFT -0.61% AAPL +0.05% IBM -0.88% CSCO -0.85% GOOG -0.72% Technology stocks were giving back all of Thursday's moderate adva Rating:
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