Technology Sector Update for 10/24/2018: AVX,ZIXI,STM,TXN

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Top Tech Stocks

MSFT -2.46%

AAPL -1.10%

IBM -1.54%

CSCO -1.02%

GOOG -1.42%

Technology stocks were sharply lower in recent trading, with shares of tech stocks in the S&P 500 losing 1.3% in value while the Philadelphia Semiconductor Index was falling more than 3.4%.

Among technology stocks moving on news:

(-) AVX ( AVX ) was nearly 5% lower Wednesday afternoon, giving back a nearly 12% gain earlier in the session after the electronic components company reported above-consensus fiscal Q2 net income although sales trailed Wall Street expectations.

In other sector news:

(+) Zix Corp ( ZIXI ) soared Wednesday, rising almost 13%, after Craig Hallum raised its investment rating for the cyber-security company to buy from hold.

(-) STMicroelectronics NV ( STM ) dropped almost 13% to its lowest price since February 2017, even though the . company reported improved Q3 results compared with year-ago levels and also exceeding the Capital IQ consensus.

(-) Texas Instruments ( TXN ) slid as much as 7% on Wednesday after the electronic components company reported an increase in Q3 revenue to $4.26 billion from $4.11 billion during the year-ago period but lagging the Capital IQ consensus. It also guided its Q4 results under Wall Street expectations, forecasting adjusted net income in a range of $1.14 to $1.34 per share on between $3.60 billion to $3.90 billion in 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: AVX , ZIXI , STM , TXN

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