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Technology Sector Update for 07/14/2017: HIMX,FSLR,ATEN

July 14, 2017
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Technology stocks were back in the lead among industry sectors this afternoon, with shares of tech companies in the S&P 500 putting up a nearly 1.0% near the close.

In company news, Himax Technologies ( HIMX ) nudged higher on Friday after the fabless semiconductor firm made the rare move of challenging a new analyst rating, firing back at an Oppenheimer downgrade to Underperform from Perform with a $4 price target.

In a research note explaining the downgrade, the Oppenheimer analyst said an anticipated turnaround in the company’s core display driver integration circuits business increasingly appears unlikely.

But in a letter to shareholders, Himax Technologies said the report was “inaccurate and misleading,” noting it has not talked with the Oppenheimer analyst for at least three months. It also asserted the company’s business “is not only on track but also rebounding strongly, reflecting market-share gains.”

In other sector news,

(+) FSLR, Discloses late June sale of Switch Station No. 1 and Switch Station No. 2 now under construction in Nevada to EDF Renewable Energy. Financial terms of the deal for the new solar project with a combined 179 AC megawatts were not disclosed.

(-) ATEN, Slashes Q2 outlook, now expecting between $52.5 mln to $53.5 mln in revenue, down from prior forecast of $62 mln to $64 mln and trailing $62.82 mln analyst mean. Also, KeyBank lowers investment recommendation to Sector Weight from Overweight.

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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