Top Tech Stocks
Technology stocks were posting small gains in recent trading, with the shares of tech stocks in the S&P 500 advancing just 0.1% although the Philadelphia Semiconductor Index was rising nearly 0.8%.
Among technology stocks moving on news:
(+) MagnaChip Semiconductor (MX) was ahead almost 13% after the chipmaker late Monday raised its Q4 forecast to a new range of $198 million to $200 million, up from its prior view expecting between $181 million to $191 million and topping the $186 million analyst consensus.
In other sector news:
(+) Ichor Holdings (ICHR) rose 25% after saying it expects to report Q4 revenue of around $189 million, topping the Capital IQ consensus looking for $184.9 million. The semiconductor equipment company also sees revenue for the current quarter in a range of $210 million to $230 million, easily beating the $181.9 million analyst mean.
(-) Cloudera (CLDR) slid 4% after the data analytics firm named Robert Bearden as its new chief executive, succeeding board chairman Martin Cole, who is retiring after serving as CEO on an interim basis. Bearden had been CEO and co-founder of open-source software company Hortonworks prior to its 2019 merger with Cloudera. Current board member Nicholas Graziano is taking over as board chairman.
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