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

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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.

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

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