3 Stocks to Watch on Wednesday: Akamai Technologies, Inc. (AKAM), Cerner Corporation (CERN) and Microchip Technology Inc. (MCHP)

AKAM profit meets estimates, CERN posts record bookings, MCHP revenue tops outlook

By Karl Utermohlen, InvestorPlace Writer

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U.S. equities were back in black Tuesday as gold and crude both moved lower. The S&P 500 Index finished the day with a gain of 1.7%, the Dow Jones Industrial Average surged 2.3% and the Nasdaq Composite gained 2.1%.

3 Stocks to Watch on Wednesday: Akamai Technologies, Inc. (AKAM), Cerner Corporation (CERN) and Microchip Technology Inc. (MCHP)Akamai Technologies, Inc. (NASDAQ:AKAM), Cerner Corporation (NASDAQ:CERN) and Microchip Technology Inc. (NASDAQ:MCHP) all reported on their quarters late Tuesday afternoon.

Here’s how they did:

Akamai Technologies, Inc. (AKAM)

Akamai Technologies had an impressive quarter to report late yesterday.

The internet technology company reported fourth-quarter net income of $19.1 million, or 11 cents per share, below the year-ago net income of $60.5 million, or 35 cents per share.

Adjusted earnings came in at 69 cents per share for Akamai Technologies, meeting the consensus estimate. Revenue was $663.5 million, in line with the Wall Street consensus estimate.

For its first quarter, the company forecasts earnings in the range of 67 cents to 70 cents per share, while revenue is slated to be between $647 million and $657 million.

Analysts polled by FactSet are calling for earnings of 61 cents per share on revenue of $647.9 million.

AKAM stock skyrocketed 8.4% after the bell.

Cerner Corporation (CERN)

Cerner reported on its latest period after hours yesterday.

The healthcare information technology provider posted a record number of bookings in its fourth quarter of fiscal 2017, reaching $2.3 billion and rising 62% compared to the year-ago quarter. For the year, bookings reached $6.3 billion.

Cerner’s total profit for the period came in at $336.7 million, topping the year-ago net income of $149.7 million. For the full-year, profits were $867 million, up from $636 million in 2016.

Revenue for the quarter tallied up to $1.31 billion, ahead of the year-ago total of $1.26 billion. Fiscal 2017 revenue was $5.14 billion, ahead of the year-ago revenue of $4.8 billion.

CERN stock edged 0.8% higher after hours Tuesday.

Microchip Technology Inc. (MCHP)

Microchip Technology’s shares fell following the company’s results.

The semiconductor manufacturer reported third-quarter earnings of roughly $1.36 per share, beating the Wall Street consensus estimate of $1.35 per share by a penny.

On the revenue front, Microchip Technology also topped the consensus as the company raked in $994.2 million, ahead of the $992.1 million analysts were calling for.

For its fourth quarter, the company sees its earnings as being in the range of $1.30 to $1.39 per share, compared to the consensus estimate of $1.37 per share. Revenue is slated to be in the range of $964 million and $1.04 billion, compared with the consensus of $1.01 billion.

MCHP stock dipped 0.4% after the bell Tuesday.

As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2018/02/3-stocks-watch-wednesday-akamai-technologies-inc-akam-cerner-corporation-cern-microchip-technology-inc-mchp/.

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