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