MIAMI, May 11, 2016 /PRNewswire/ --
TechStockInsider.com issues the following report: Despite Apple Inc.'s (AAPL) recent fall from grace, dropping 17% in the past month, several technology stocks have posted strong gains giving a boost to the overall sector. Increasing internet penetration in emerging markets and a growing dependence on mobile devices and smartphones has investors in multiple niche tech sectors cheering.
MGT Capital Investments Inc. (NYSE: MGT) has soared as much as 111% over the last two trading sessions after John McAfee, the antivirus software pioneer and presidential candidate, has been named chief executive officer and executive chairman of the company. MGT has agreed to acquire specific technology and assets of McAfee's anti-spy software firm D-Vasive for $300,000 in cash and 23.8 million restricted shares, or 47% of the company.
According to http://www.TechStockInsider.com John McAfee sold his former computer antivirus software company, McAfee, to Intel (INTC) for $7.7 billion in 2011.
MaxLinear Inc. (NYSE: MXL) shares jumped 13% after announcing another strong quarter coupled with a promising acquisition. The integrated circuit company saw quarterly revenue rise 190% year over year, to $102.7 million. Cash flow increased nearly 59% from the previous quarter to $39 million.
Also, MaxLinear announced it will be acquiring specific wireless infrastructure assets and intellectual property from Broadcom for $80 million in cash. The acquisition is "expected to accelerate MaxLinear's total addressable market expansion efforts in the wireless infrastructure market." According to MaxLinear's estimates, the wireless infrastructure backhaul baseband and RF transceivers market is approximately $700 million this year, and should approach $1 billion in the next five years.
Amazon.com Inc. (NASDAQ: AMZN) stock hit a new all-time high of $701.93 after Sanford Bernstein analyst Carlos Kirjner raised his price target on Amazon to $1,000 a share. The tech giant now sports a market cap of about $330 billion. Amazon recently announced they will be launching a new video service aimed specifically to challenge Google's (GOOG) YouTube.
In a poll issued by Thompson Reuters, 11 analysts have strong buy ratings on Amazon while 28 have buy ratings and 4 maintain a hold.
"We think Amazon's businesses are now so large, fast-growing, and profitable that it is harder and harder for the company to find new areas of investment to keep up with the growth in gross profits," Kirjner wrote in the report, according to a report from Bloomberg.
LifeClips Inc. (OTCQB: LCLP) has gained roughly 67% in the past week after announcing the signing of a binding Letter of Intent to purchase Israeli battery maker Batteryfly Energy, LTD. The transaction is valued at approximately $6 million. According to http://www.TechStockInsider.com the transaction consideration will be a combination of cash, stock, and capped royalties.
LifeClips gains Batteryfly's flagship, patented battery product called Mobeego. Mobeego (http://www.mobeego.com) is a non-tethered disposable battery, referred to as an "energy drink" for mobile phones such as Samsung™ or Apple™ as well as action cameras. The Mobeego disposable battery is a one-time charger for instant mobile use. Mobeego eliminates the need to find the closest outlet to charge your smartphone, and you no longer need to stop using your phone to save the battery. The product offers an emergency on-the-go charging solution without worrying about pre-charging an external battery pack.
The technology sector stands to remain a bright spot for investors for the foreseeable future. There has been no slow down but rather an increase in R&D spending by juggernauts like Facebook, Google, and Amazon as companies race to deliver smarter applications and software to feed the consumer's insatiable appetite for technology. Artificial intelligence and virtual reality seem to be fueling the next wave of tech evolution. Meanwhile, companies specializing in enterprise mobility and information technology and security stand to reap the benefits equally as much. SOURCE: TechStockInsider.com
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