It was a good week for stocks. Equities ended the week up 2.5% as corporate profits continued and President Trump signed a package of spending to avoid another shutdown by the government. Beyond these titles, some interesting stories in technology emerged:
- Amazon.com (NASDAQ: AMZN) acquired the company Wi-Fi mesh network Eero.
- NVIDIA (NASDAQ: NVDA) shares broke out after fourth quarter earnings.
- An analyst gave Working day (NASDAQ: WDAY) a bullish price target.
Amazon buys Eero
The e-commerce and cloud computing giant, Amazon, announced Monday night that it was acquiring the company's Wi-Fi mesh Eero network for an undisclosed amount.
"We are incredibly impressed by the Eero team and by the way in which Quickly, they invented a Wi-Fi solution that allows connected devices to function simply, "said Dave Limp, senior vice president of devices and services for Amazon, in a press release about the deal. " We have a common vision: the smart home experience even easier, and we are committed to continue to innovate on behalf of our customers. "
Amazon has a rapidly growing portfolio of smart home devices, which began with its first Echo Smart Speaker, launched in 2014. Today, Amazon's smart devices include a wide range of smart speakers, as well as smart locks, cameras, doorbells and pedestals. , and more. With Eero's mesh network peripherals, Amazon can bolster its lead in the smart home market.
Shares of the semiconductor company NVIDIA jumped about 8% on Thursday, when the company released its fourth quarter financial results.
The quarterly update followed NVIDIA's downward revision to its fourth quarter guidance for its fiscal year in January. The company said it expected a $ 2.2 billion turnover in the fourth quarter, down from a previous estimate of $ 2.7 billion.
But now that NVIDIA has had the time to take stock of its actual results for the period, revenue was $ 2.21 billion, slightly below the revised forecast of $ 2.2 billion. . In addition, adjusted earnings per share of $ 0.80 was slightly higher than the consensus forecast of analysts, which stood at $ 0.75.
Workday stock gets outperformance
The enterprise cloud application company, Workday, hit the headlines Friday when, according to BarronCowen analyst Derrick Wood has upgraded his "market performer" rating to "outperform". Noting that the company's "audits" point to "a sharp rise in the pipeline of the new cloud blue chip [financial] "Wood anticipates a robust product cycle for the company, and we see several product cycle growth catalysts emerging, leading to increased potential and more optimistic speech," added Wood.
Notably, when updating the company's third quarter, management had stated that its suite of financial management applications saw an "expedited adoption" by customers.
Wood raised its 12-month stock price target to $ 225 instead of $ 160.
Workday Announces Fourth Quarter Results After Market Closes, Thursday, February 28
John Mackey, CEO of Whole Foods Market, an affiliate of Amazon, is a board member of The Motley Fool. Daniel Sparks owns shares in Amazon. Motley Fool owns stocks and recommends Amazon, Nvidia and Workday. Motley Fool has a disclosure policy.