Technology Sector Update for 01/23/2019: QCOM,IBM,TEL,DOX

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Top Tech Stocks

MSFT +0.68%

AAPL +0.22%

IBM +9.10%

CSCO +1.45%

GOOG +0.33%

Technology stocks were edging higher in late trading, with the shares of tech stocks in the S&P 500 rising almost 0.2% in value although the Philadelphia Semiconductor Index still was down over 0.7%.

Among technology stocks moving on news:

(-) Qualcomm ( QCOM ) fell over 5% after short-sellers Kerrisdale Capital said the chipmaker was "teetering on the brink of disaster" and argued in a new research report that the company's licensing business supplies two-thirds of its recent profits and was "living on borrowed time" because of several pending legal challenges.

In other sector news:

(+) International Business Machines ( IBM ) was over 8% higher Wednesday after reporting better-than-expected Q4 financial results and issued above-consensus FY19 outlook. The company is projecting non-GAAP net income this year of at least $13.90 per share, exceeding the Capital IQ consensus by at least $0.09 per share.

(-) TE Connectivity ( TEL ) declined more than 5% on Wednesday after saying its fiscal Q1 revenue rose just 0.3% year-over-year to $3.30 billion, missing analyst estimates by around $90 million. It also lowered its FY19 earnings forecast below Street views.

(-) Amdox Ltd ( DOX ) was down about 9% after a short-seller issued a negative research report about the software services firm, writing the company's stock could drop between 25% to 50% over the intermediate term. Spruce Point Capital also said Amdox has been using acquisitions to give the appearance of revenue growth as well as relying on "accounting gimmicks" to distort its actual financial condition.

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

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This article appears in: Technology , Commodities
Referenced Symbols: QCOM , IBM , TEL , DOX

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