Technology stocks are edging lower today, with shares of tech companies in the S&P 500 losing slightly more than 0.1% in value while the Philadelphia semiconductor index was posting a 0.7% decline.
International Business Machines slumped Wednesday, sinking almost 8% at one point, after reporting better-than-expected Q1 earnings and revenue but disappointing Wall Street when it reaffirmed its below-consensus forecast for FY18 per-share net income. The company still is projecting non-GAAP net income of around $13.80 per share, trailing the Capital IQ consensus by $0.04 per share. The sub-par forecast upstaged IBM also reporting non-GAAP earnings of $2.45 per share following a 5% increase in revenue to $19.1 billion. Analysts, on average, were looking for $2.42 per share on $18.79 billion in revenue.
SunPower was surging in Wednesday trading, climbing as much as 17% after saying it was acquiring all of SolarWorld Americas, an Oregon-based maker of photovoltaic solar panels, for an undisclosed price. The deal is expected to close over the next several months, subject to US and German regulatory approvals along with other closing conditions.
Adtran fell Wednesday after the networking equipment manufacturer logged weaker-than-expected Q1 financial results. Excluding one-time items, the net loss for the three months ended March 31 was $0.29 per share, reversing an $0.18 per share profit during the year-ago period and missing the Capital IQ consensus expecting a $0.14 per share loss. Sales fell to $120.8 million from $170.3 million last year, also coming up shy of the $126.8 million Street view.
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