NEW YORK, NY / ACCESSWIRE / February 2, 2017 / The technology sector was the largest gainer in the markets Wednesday after Apple Inc. and Cirrus Logic, Inc. reported better-than-expected quarterly earnings. On Wednesday, the tech-focused NASDAQ Composite Index gained 0.50 percent to close at 5,642.65, up 4.82 percent year-to-date, while the S&P 500 Technology sector rose 0.75 percent, compared to a gain of just 0.03 percent for the S&P 500 Index.

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Data released by the Semiconductor Industry Association (SIA) showed worldwide semiconductor sales totaled $31.0 billion in November 2016, an increase of 7.4 percent year-over-year when compared to sales of $28.9 billion in the comparable quarter a year ago. The year-to-year growth posted in November was the largest jump since January 2015.

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Cirrus Logic's shares spiked 6.03 percent to close at $63.96 a share Wednesday. The stock traded between $61.64 and $64.16 on volume of 3.54 million shares traded. The company reported non-GAAP earnings of $124.73 million, or $1.87 per share, for the third quarter of fiscal 2017, up from $54.12 million, or $0.82 per share, in third quarter of fiscal 2016. Analysts' expectations had called for earnings of $1.62 per share, according Thomson Reuters. Revenues for the third quarter of fiscal 2017 totaled $523.03 million, an increase of 50.4 percent when compared to revenues of $347.86 million a year ago. The company expects revenue in the range of $300 million to $340 million for the current quarter, analysts have expectations for $334 million revenue for the current quarter, as per Thomson Reuters.

"Cirrus Logic delivered outstanding revenue, operating profit and earnings per share growth in the December quarter as demand for certain portable audio products accelerated," said Jason Rhode, President and Chief Executive Officer. "The company is delighted to be on track to deliver our third consecutive year of more than 25 percent annual revenue growth. With a comprehensive portfolio of products and extensive roadmap we are well positioned for success in the coming years as demand for innovative audio and voice technology continues to increase."

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NVIDIA's shares gained 4.37 percent to close at $113.95 a share Wednesday. The stock traded between $109.86 and $114.12 on volume of 14.75 million shares traded. On January 6th, Mercedes-Benz and NVIDIA announced a partnership to bring an NVIDIA AI-powered car to market. NVIDIA and Mercedes-Benz are also setting an ambitious timeline for their goal; the two will field this new vehicle within the next 12 months. NVIDIA is scheduled to report earnings for the fourth quarter and fiscal year 2017, ending Jan. 29th, 2017, on Thursday February 9th.

Today's Research Coverage Includes:

Cirrus Logic, Inc. (NASDAQ: CRUS)

NVIDIA Corporation (NASDAQ: NVDA)

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