Technology Sector Update for 05/01/2019: IPHI,SSNC,FLEX,NATI,AAPL

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Top Tech Stocks

MSFT -1.54%

AAPL +6.11%

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CSCO -0.32%

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Technology stocks pared some of their prior gains that were powered by 6% advance for Apple ( AAPL ) after the sector titan late Tuesday beat Wall Street expectations with its fiscal Q2 results. At last look, the shares of tech stocks in the S&P 500 were climbing over 0.3% while the Philadelphia Semiconductor Index was down almost 0.5%, reversing an earlier gain.

Among other technology stocks moving on news:

(+) Inphi Corp ( IPHI ) climbed 4.5% on Wednesday after the high-speed data equipment company announced a non-GAAP profit of $0.33 per share during its Q1 ended March 31, 2019, reversing a $0.05 per share adjusted net loss during the year-ago period and beating the Capital IQ consenus looking for adjusted Q1 earnings of $0.28 per share. Revenue rose 36.7% over the same quarter last year to $82.2 million, also exceeding the $81 million analyst mean.

In other sector news:

(+) Flex ( FLEX ) Wednesday rose 3.5% after reporting adjusted fiscal Q4 net income of $0.27 per share compared with $0.28 per share during the year-ago period but still matching the Capital IQ consensus for the three months ended March 31.

(-) National Instruments Corp ( NATI ) dropped nearly 7% after late Tuesday saying its non-GAAP Q1 revenue was little changed from the year-ago period at $311 million, trailing the $321.3 million Street view.

(-) SS&C Technologies ( SSNC ) declined 11% on Wednesday after issuing a downbeat Q2 revenue outlook, projecting between $1.138 billion to $1.168 billion in revenue for the curren t report ing period ending June 30. Wall Street is expecting the company to generate $1.174 billion in Q2 revenue.

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: AAPL , IPHI , FLEX , NATI , SSNC

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