Technology Sector Update for 03/12/2019: CETX,HPE,MOMO,COUP

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Top Tech Stocks

MSFT +0.54%

AAPL +0.81%

IBM +0.12%

CSCO +0.04%

GOOG +1.57%

Technology stocks gave back a portion of their gains this afternoon, with the shares of tech stocks in the S&P 500 climbing more than 0.4% while the Philadelphia Semiconductor Index was rising almost 0.4%.

Among technology stocks moving on news:

(+) Cemtrex ( CETX ) pushed out to a 3% gain on Tuesday after saying its electronics unit received $7 million in new orders during January, keeping its backlog above $50 million. Cemtrex did not identify any of the recent customers although it said the new orders reflect demand for components used in wearable smart devices as well as in medical devices, automobiles and measurement tools.

In other sector news:

(+) Momo ( MOMO ) raced 11% higher after the Chinese social network and entertainment company reported non-GAAP Q4 net income of $0.59 per American depositary share, beating the Capital IQ consensus expecting a $0.52 per ADS adjusted profit.

(-) Coupa Software ( COUP ) fell almost 3% on Tuesday after forecasting Q1 and FY20 net income trailing analyst estimates. The cloud-based spend management company is projecting between a net loss for the current quarter April 30 in a range of $0.03 to $0.06 per share, lagging the Street view looking for a $0.02 per share Q1 profit.

(-) Hewlett Packard Enterprise ( HPE ) slumped Tuesday, dropping nearly 4%, after UBS cut its stock rating for the multi-workload software firm to sell from neutral.

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: CETX , MOMO , COUP , HPE

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