Technology Sector Update for 08/13/2019: GDS,IIVI,WK

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Top Tech Stocks

MSFT +1.83%

AAPL +4.06%

IBM +1.09%

CSCO +2.11%

GOOG +1.91%

Technology stocks were leading the US markets higher this afternoon, with the shares of tech stocks in the S&P 500 adding nearly 2.3% in value while the Philadelphia Semiconductor Index was rising about 2.9%.

Among technology stocks moving on news:

(+) GDS Holdings ( GDS ) climbed more than 7% on Tuesday after the Chinese data-center company reported a 54.5% increase in Q2 revenue compared with the same quarter last year, rising to RMB985.2 million and beating the Capital IQ consensus expecting RMB968.4 million in revenue for the three months ended June 30.

In other sector news:

(+) II-VI ( IIVI ) was 2.8% higher after the optical components company beat analyst projections with its fiscal Q4 financial results. Excluding one-time items, it earned $0.67 per share on $362.7 million on revenue during the three months ended June 30, topping the Capital IQ consensus by $0.01 per share and $14.7 million, respectively.

(-) Workiva ( WK ) dropped 11% after late Tuesday disclosing plans for a $300 million private placement of its convertible senior notes due 2026 in addition to a secondary offering of nearly 1.3 million shares now owned by CEO Martin Vanderploeg and five other executives, including its chief financial, technology, revenue, legal and customer officers.

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: GDS , IIVI , WK

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