Tech stocks were hammered on Wednesday as Bitcoin skyrocketed to above $11,000 before falling to around $8,000. The S&P 500 Index fell by a fraction, the Dow Jones Industrial Average gained 0.4% and the Nasdaq Composite fell 1.3%.
Jack in the Box Inc. (JACK)
Jack in the Box posted its fourth-quarter results late yesterday.
The company earned $30 million during its fall period, roughly $1.01 per share. Its net earnings fell year-over-year from $32 million, but its per-share earnings rose from 97 cents per share.
However, the company suffered from lower restaurant revenues as the combined business from Jack in the Box and Qdoba fell $50 million during the quarter to $241 million.
Same-store sales at Jack in the Box suffered a 1% dip, while Qdoba saw this figure fall by 2.1%, as well as a 4% slip for the restaurant chain’s company-owned stores.
“Our fourth quarter operating results concluded a challenging year for both brands,” said CEO Lenny Comma. “Our key initiatives in 2018 will be focused on regaining momentum in a highly competitive environment.”
JACK stock fell 5.4% after the bell Wednesday.
Juniper Networks, Inc. (JNPR)
Nokia Oyj (ARD) (NYSE:NOK) is reportedly seeking to acquire Juniper Networks.
Reports suggest that Nokia has been in talks with Juniper Networks in order to buy its assets. The two companies have already had a marketing partnership since 2014.
The deal values Juniper at around $16 billion, according to one of the sources, topping its market capitalization of roughly $11.12 billion as of the close of the market Wednesday.
A Juniper spokesperson did not comment on these rumors as it is company policy to not address market speculation or rumors. Nokia has not commented on the matter either
Nokia recently purchased Alcatel-Lucent for $16.6 billion.
JNPR stock skyrocketed 20.4% after hours yesterday.
Semtech Corporation (SMTC)
Semtech posted its third-quarter results on Wednesday.
The company brought in $36.5 million, or roughly 54 cents per share, topping the year-ago mark of $24.3 million, or 37 cents per share. Analysts were calling for the company to earn 50 cents per share, per Thomson Reuters.
Semtech also raked in revenue of $150.30 million for the period, a 9.6% surge compared to the year-ago mark of $137.19 million.
Net sales during the third quarter popped 10% year-over-year, while non-GAAP net sales were 11% better compared to the year-ago mark. Semtech experienced a record quarterly net sales of its LoRa products.
SMTC stock fell 9.9% after hours.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.