Quantcast

Technology Sector Update for 11/09/2018: ATVI,FNSR,IIVI,YELP


Shutterstock photo

Top Tech Stocks

MSFT -2.14%

AAPL -2.28%

IBM -0.38%

CSCO -2.56%

GOOG -2.12%

Technology stocks were retreating in Friday trading, with shares of tech stocks in the S&P 500 losing almost 1.9% in value while the Philadelphia Semiconductor Index was falling over 1.8%.

Among technology stocks moving on news:

(-) Activision Blizzard ( ATVI ) declined Friday, at one point falling over 15%, after reporting Q3 net income and revenue trailing year-ago comparisons and missing Wall Street estimates.

In other sector news:

(+) Finisar ( FNSR ) climbed as much as 20% on Friday after the networking equipment company agreed to a $3.2 billion buyout offer from optoelectrical components manufacturer II-VI ( IIVI ). Under terms of the proposed transaction, II-VI will pay $26 for each Finisar share, equal to a 37.7% premium over Thursday's closing price.

(-) Yelp ( YELP ) dropped as much as 32.6% lower after the local business review website reported a sharp increase in Q3 earnings over year-ago, but also said that business had slowed during the quarter and forecast FY18 revenue lagging Wall Street expectations. The company reported Q3 net income of $0.17 per share compared with $0.09 per share during the same quarter last year. Analysts, on average, had been expecting a $0.35 per share profit on a non-GAAP basis and $0.10 per share on a GAAP basis. Revenue rose to $241 million from $223 million last year, lagging the $245.6 million consensus estimate.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Technology , Commodities
Referenced Symbols: ATVI , FNSR , IIVI , YELP



More from MT Newswires

Subscribe






MT Newswires
Contributor:

MT Newswires

Market News, Commodities










Research Brokers before you trade

Want to trade FX?