Technology Sector Update for 08/14/2018: CSIQ,SWCH,FB,YY

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Top Tech Stocks

MSFT +1.12%

AAPL +0.30%

IBM +0.49%

CSCO +1.02%

GOOG +0.60%

Technology stocks continue to firm shortly before the closing bell, with the shares of tech stocks in the S&P 500 were adding almost 0.7% in value while the Philadelphia Semiconductor Index was hanging on to a more than 0.2% advance.

Among technology stocks moving on news:

- Canadian Solar ( CSIQ ) still was more than 1% lower late in Tuesday trading, recovering from a more than 9% decline earlier today that followed the photo-voltaic panels company reporting weaker-than-expected earnings and revenue that fell short of Wall Street expectations. The company earned $0.26 per share during the three months ended June 30, down from $0.63 per share during the same quarter last year and trailing the Capital IQ consensus by $0.07 per share. Revenue fell 6% year over year to $650.6 million, also lagging the $711.5 million analyst mean.

In other sector news:

+ Facebook ( FB ) was back on positive ground Tuesday afternoon, climbing almost 1% and reversing a similarly sized mid-morning decline and the social networking company last night saying it has secured right to broadcast La Liga Spanish soccer league games to the Indian subcontinent for the next three seasons free of charge. The company and the football organization did not provide any financial specifics for the deal.

- YY ( YY ) tumbled Tuesday, falling as much as 16%, after the Chinese social networking company forecast Q3 revenue trailing analyst projections, upstaging above-consensus Q2 financial results. Looking forward to the current quarter ending Sept. 30, the company is projecting Q3 revenue in a range of RMB3.89 billion and RMB4.02 billion, or $570 million to $580 million, rising between 25.8% to 30.0% over year-ago levels but still trailing the Capital IQ consensus expecting 30.5% growth to around $589.23 million.

- Switch ( SWCH ) dropped to a record low on Tuesday, after reporting Q2 net income of $0.02 per share, sinking from a $0.07 per share profit during the same quarter last year and trailing the Capital IQ consensus by $0.02 per share. The colocation company also lowered its FY18 revenue forecast to a new range looking for $405 million to $408 million from its prior outlook expecting between $423 million to $440 million and also lagging the $428.3 million analyst mean. The diminished outlook prompted analysts at BTIG to reduce their investment rating for YY to Neutral from Buy while BMO Capital Markets cut its price target by $6 to $14 a 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: CSIQ , FB , YY , SWCH

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