Technology stocks were mostly higher shortly before today’s closing bell, with shares of tech companies in the S&P 500 posting a 0.3 gain%. In company news, Tower Semiconductor Ltd. (TSEM) rallied to a seven-year high on Monday, climbing to its best share price since March 2010 at $24.80 a share, after the chipmaker today today reported non-GAAP Q1 net income beating Wall Street expectations.
Excluding one-time items, the company earned $0.48 per share during the three months ended March 31, exceeding the Capital IQ consensus by $0.04 per share. Revenue grew 18.7% over year-ago levels to $330.1 million, roughly in-line with the Streeet view. The company also reaffirmed its Q2 outlook expecting revenue in a range of $331.2 million to $358.8 million, which straddles the $339.15 million consensus.