Technology Sector Update for 07/18/2019: MU,IBM,TSM,SAP

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Technology stocks were finishing near their session highs this afternoon, with the shares of tech stocks in the S&P 500 climbing over 0.6% while the Philadelphia Semiconductor Index was rising more than 1.4%.

Among technology stocks moving on news:

(+) Micron Technology ( MU ) was hanging on to a nearly 3% gain shortly before Thursday's closing bell after Bank of America Merrill Lynch raised its price target for the chipmaker by $15 - or 33% over its previous call - to $60 a share.

In other sector news:

(+) International Business Machines ( IBM ) rose 4.5% on Thursday after the technology behemoth reported Q2 adjusted EPS exceeding consensus, earning $3.17 per share during the three months ended June 30 topping its $3.08 per share adjusted profit during the year-ago period and beating the Capital IQ consensus by $0.08 per share.

(+) Taiwan Semiconductor ( TSM ) was 3.6% higher after the chipmaker earlier Thursday reported Q2 net income of TWD2.57 per American depositary receipt, slipping from TWD2.79 per ADR profit during the year-ago period but still topping the Capital IQ consensus expecting TWD2.55 per ADR for the three months ended June 30. Revenue rose 3.3% to TWD240.99 billion compared with TWD233.28 billion during the same quarter last year, also exceeding the TWD236.65 billion Street view.

(-) SAP ( SAP ) dropped 5.3% on Thursday after the German software giant said it generated EUR6.66 billion in revenue on a non-IFRS basis during the three months ended June 30, up from EUR6.01 billion during the same quarter last year but falling well short of the EUR6.71 billion analyst mean. Excluding items, SAP earned EUR1.09 per share, improving on its EUR1.08 adjusted Q2 profit last year but also lagging the Capital IQ consensus looking for EUR1.11 per share.

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: MU , IBM , TSM , SAP

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