Technology stocks were giving back all of Thursday’s moderate advance, with shares of tech companies in the S&P 500 dropping over 0.7% during Friday trading.
In company news, Jabil Circuit (JBL) shares surged to a new 52-week high on Friday after the electronic manufacturing services company and Apple (AAPL) supplier reported fiscal Q1 net income and revenue exceeding Wall Street expectations.
The company earned $0.69 per share during the three months ended Nov. 30, beating the Capital IQ Consensus by $0.05 per share. Revenue fell 2.0% from the same quarter last year to $5.1 billion, also topping the $4.91 billion Street view.
It also forecast in-line performance for the current quarter, projecting Q2 net income in a range of $0.35 to $0.57 per share on between $4.2 billion to $4.5 billion in revenue. Analysts, on average, were looking for a $0.45
By Sara Howard