Technology Sector Update for 06/14/2019: FNSR,IIVI,FB,AVGO,V,MA,PYPL,UBER

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Technology stocks were weighing on the broader US markets, with the shares of tech companies in the S&P 500 sinking almost 0.9% this afternoon in value while the Philadelphia Semiconductor Index was falling nearly 2.8% after chipmaker Broadcom ( AVGO ) cut its FY19 revenue forecast below Street views.

Among technology stocks moving on news:

(-) Finisar ( FNSR ) was off nearly 2% in afternoon trade, retracing most of its earlier retreat. The networking equipment said its fiscal Q4 earnings grew to $0.27 per share, excluding one-time items, compared with a $0.05 per share adjusted profit during the same quarter last year and beating the Capital IQ consensus. Finisar also said it would not hold a conference call and said it would not provide a forward outlook, citing its upcoming purchase of optoelectronic components manufacturer II-VI ( IIVI ).

In other sector news:

(+) Facebook ( FB ) rose nearly 2% on Friday following a Wall Street Journal report that its GlobalCoin cryptocurrency already has won support from more than a dozen technology and payments companies ahead of its formal debut next week. Investors include Visa ( V ), Mastercard (MA), PayPal (PYPL) and Uber (UBER), according to the Journal, each putting up about $10 million.

(-) Broadcom ( AVGO ) was down 6.5% this afternoon after the chipmaker reported a 10% revenue increase over year-ago levels, rising to $5.52 billion during its Q2 ended May 5 but still trailing the $5.69 billion Capital IQ consensus. It also cut its FY19 revenue projection by $2 billion from its prior outlook to around $22.5 billion, also missing the $24.3 billion analyst mean.

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: AVGO , FNSR , IIVI , FB , V

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