Technology Sector Update for 10/05/2018: IPGP,GPRO,TEUM,SIMO

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Technology stocks took their lumps again on Friday to end the week, with the shares of tech stocks in the S&P 500 ( XLK ) losing almost 1.0% in value today while the Philadelphia Semiconductor Index (^SOX) fell about 2.0%.

Among technology stocks moving on news:

(-) IPG Photonics ( IPGP ) dropped to a 17-month low on Friday, falling more than 13% to its lowest share price since April 2017 at $133.36 a share, after cutting its Q3 revenue forecast to a new range of $355 million to $356 million, down from $360 million to $390 million previously and trailing the Capital IQ consensus expecting $376 million in revenue for the fiber laser company during the three months ended Sept. 30. Foreign currency headwinds reduced revenue by $5 million, the company said.

In other sector news:

(-) GoPro ( GPRO ) was near flat Friday afternoon, reversing a nearly 7% gain previously in the session after saying its HERO7 Black camera model achieved the highest first-week retail unit sell-through of any new camera in company history. GoPro also refuted a social media post a major U.S. retailer had recalled the HERO7 line of cameras, saying it wanted to set the record straight and labeling the false claim "unfortunate."

(-) Snap ( SNAP ) was almost 1% lower in late trade, falling off a more than a 3% gain soon after Friday's opening bell that followed reports CEO Evan Spiegel has produced a set of operational goals aimed at lifting the social media company to a FY19 profit and reversing a decline in users on its website.

(-) Silicon Motion Technology ( SIMO ) was trading more than 1.5% lower in recent trading, staying near the bottom of its Friday range that followed the chipmaker saying it expects Q3 revenue will be in the lower half of its outlook looking for between $136 million to $142.9 million in revenue for the three months ended Sept. 30. Analysts, on average, are expecting $140 million in Q3 revenue.

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: XLK , IPGP , GPRO , SNAP , SIMO

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