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Technology Sector Update for 06/12/2019: AYX,MX,NXPI


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Top Tech Stocks

MSFT -0.66%

AAPL -0.10%

IBM -0.96%

CSCO -2.45%

GOOG -0.30%

Technology stocks were falling in recent trading, with the shares of tech stocks in the S&P 500 dropping over 0.6% while the Philadelphia Semiconductor Index was dropping more than 2.1% this afternoon.

Among technology stocks moving on news:

(+) Alteryx ( AYX ) rose 10% after the artificial intelligence and analytics company updated the long-term financial targets during an investor session on Tuesday, projecting adjusted free cash-flow margin of between 30% to 35% as its economies of scale improve and comparing with a 19% margin during its Q1 ended March 31 and an 8% reading for FY18. Also, Needham Wednesday raised its price target on Alteryx shares by $12 to $120 each and reiterated a buy investment recommendation on the company's stock.

In other sector news:

(+) MagnaChip Semiconductor ( MX ) was up 11% in recent trading, drifting off an earlier gain of 21%. The analog and mixed-signal chipmaker late Tuesday raised its Q2 revenue outlook, projecting at least $194 million in revenue for the three months ending June 30. That compares with its prior forecast looking for revenue in a range of $173 million to $181 million while the two-analyst consensus has been expecting $177 million in Q2 revenue.

(-) NXP Semiconductors ( NXPI ) was narrowly lower this afternoon. Morgan Stanley raised its stock rating on the chipmaker to overweight from equal weight and also increased its price target on the company's shares by $15 to $114 apiece.

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: AYX , MX , NXPI



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