U.S. equities were soaring Thursday as several tech companies reported strong quarterly earnings results. The S&P 500 Index gained more than 0.9%, the Dow Jones Industrial Average was up more than 0.8% and the Nasdaq Composite increased by about 0.9%.
Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL) a fix for one of its products Thursday, while Nektar Therapeutics (NASDAQ:NKTR) and Solaredge Technologies Inc (NASDAQ:SEDG) reported on their latest earnings.
Here’s what you should know ahead of Friday’s action:
Alphabet Inc (GOOG,GOOGL)
Alphabet announced that it is fixing a latency issue that Google Home Max owners have been dealing with.
The tech giant announced that the smart home device will be receiving a performance update to ameliorate an audio latency issues by the end of the month, according to a report from The Next Web.
As things stand, when you play something through a speaker via Google Home Max’s 3.5mm port such as a record player, there’s a lag. This can be problematic when hooking up the device to a TV source, as the sound is sometimes out of sync with the picture.
Alphabet says the new update will fix this as it will reduce in-line delay from 550 to 39 milliseconds, which is a latency reduction of about 93%.
GOOGL stock gained 1.5% during regular trading hours but was flat after the bell, while GOOG shares gained 1.4% and fell 0.2% after hours.
Nektar Therapeutics (NKTR)
Nektar Therapeutics shares fell late yesterday as the company missed quarterly expectations.
The San Francisco-based pharmaceutical company said that its first quarter of fiscal 2018 yielded a loss of $95.8 million, or 60 cents per share. Analysts were calling for a loss of 52 cents per share, according to Zacks Investment Research.
Nektar Therapeutics added that its revenue for the period came in at $38 million, which also missed the Wall Street consensus estimate of $38.2 million, according to data compiled by Zacks.
The company’s stock is up by 29% since the beginning of the year, plus the stock has more than quadrupled over the last 12 months, reaching a per-share price of $77.29.
NKTR shares dipped 0.7% during regular trading hours, then fell 1.3% after the bell.
Solaredge Technologies Inc (SEDG)
Solaredge Technologies also reported on its latest quarterly earnings results.
For its first quarter, the solar energy products provider announced revenue of $209.9 million, which was ahead of the $205 million that analysts were calling for in their consensus estimate.
Solaredge Technologies also impressed in its earnings call as the company reported adjusted earnings of 87 cents per share. Wall Street was calling for adjusted earnings of 80 cents per share.
For its second quarter, the company is calling for revenue in the range of $220 million to $230 million, ahead of analysts’ forecast of $208 million. Solaredge Technologies also announced that it is entering the multibillion-dollar market for uninterruptible power supplies as it will acquire Gamatronic Electronic Industries.
SEDG stock soared 16.5% during regular trading hours and fell 0.2% after hours.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.