Top Tech Stocks

MSFT -2.88%

AAPL -1.79%

IBM -0.67%

CSCO -1.25%

GOOG -1.37%

Technology stocks were sharply lower Friday afternoon, with the shares of tech stocks in the S&P 500 sinking over 2.1% while the Philadelphia Semiconductor Index was dropping 2.9%.

Among technology stocks moving on news:

(+) Dropbox (DBX) climbed 21% after the collaborative software firm reported better-than-expected Q4 financial results and announced a new, $600 million stock buyback program. Excluding one-time items, it earned $0.16 per share during the three months ended Dec. 31, improving on a $0.10 per share adjusted profit during the same quarter in 2018 and beating the Capital IQ consensus by $0.02 per share. Revenue grew 19% over year-ago levels to $446 million, also topping the $443.4 million analyst mean.

In other sector news:

(+) AVX (AVX) rose 5.6% to its highest share price since December 2001 at $21.71 after Kyocera offered to buy the remaining 28% of the electronic components manufacturer’s outstanding shares it doesn’t already own for $21.75 apiece, representing a nearly 45% premium over AVX’s closing price on Nov. 26, the last trading day before Kyocera’s initial acquisition proposal.

(-) Appian (APPN) fell over 19% after the software reported below-consensus Q4 revenue and also projected wider-than-expected Q1 and FY20 adjusted net losses and revenue for the current quarter and this year trailing analyst forecasts. Revenue rose 14% during the three months ended Dec. 31 compared with the year-ago period to $68.6 million but missed the Capital IQ consensus for $69.8 million in Q4 revenue.

READ  4 Bruised Stocks at Bargain Prices Set to Recover in 2019 - Zacks.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



READ SOURCE

WHAT YOUR THOUGHTS

Please enter your comment!
Please enter your name here