Top Tech Stocks
Technology stocks were extending their Wednesday advance, with the shares of tech stocks in the S&P 500 adding more than 0.6% while the Philadelphia Semiconductor Index was rising nearly 2.2%.
Among technology stocks moving on news:
(+) Photronics (PLAB) raced over 23% at one point during Wednesday trading, topping out at its highest share price since March 2007 at $15.48 apiece, after it issued a fiscal Q1 forecast exceeding Wall Street expectations. The integrated circuit and flat panel display manufacturer is projecting net income in a range of $0.13 to $0.18 per share on between $146 million to $154 million in revenue compared the Capital IQ consensus looking for a $0.12 per share profit on $143.1 million in revenue for the three months ending Jan. 31.
In other sector news:
(+) Lattice Semiconductor (LSCC) rose nearly 4% on Wednesday after Cowen raised its price target on the specialty chipmaker by $2 to $25 a share following the company launching its new Lattice Nexus low-power field-programmable gate array platform designed to deliver higher system performance with significantly reduced power consumption.
(+) Tower Semiconductor (TSEM) climbed almost 3% after the Israeli foundry company and Israel Institute of Technology announced their successful development of an analog platform for artificial intelligence based on the company’s Y-Flash non-volatile memory on its 0.18 micrometer complementary metal-oxide semiconductor technology. The ultra low power platform is far more cost effective than existing digital technologies because it enables AI in less advanced technology nodes, Tower Semi said.
(-) Slack Technologies (WORK) fell 7%. A new regulatory filing showed CEO Stewart Butterfield sold 2,500 of his shares on Dec. 6, reducing his equity stake in the communications platform company to 180,947 shares. The $56,875 stock sale was part of Butterfield’s previously announced Rule 10b5-1 trading plan. Another filing late Tuesday showed chief technology officer Cal Henderson also sold 1,500 shares on Dec. 6 as part of his Rule 10b5-1 trading plan.
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