Technology Sector Update for 12/04/2018: SMAR,CRUS,COUP

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Top Tech Stocks

MSFT -2.69%

AAPL -4.20%

IBM -2.86%

CSCO -2.33%

GOOG -3.95%

Technology stocks were tumbling Tuesday afternoon, with shares of tech stocks in the S&P 500 falling 3.3%, while the Philadelphia Semiconductor Index was falling 4%.

Among technology stocks moving on news:

(-) Smartsheet ( SMAR ) fell 1.5% amid a steep tumble in stocks. The company issued an upbeat outlook for the current fiscal quarter as well as reporting Q3 financial results exceeding Wall Street expectations. .

In other sector news:

(-) Cirrus Logic ( CRUS ) dropped 1% after the company said it expects fiscal Q3 revenue in the range of $300 million to $340 million, down from its prior outlook expecting between $360 million to $400 million, citing "recent weaknesses in the smartphone market."

(-) Coupa Software ( COUP ) slid 13% amid the market rout. The cloud-based spending management company reported a surprise non-GAAP Q3 profit and revenue exceeded the year-ago period and also topped Wall Street expectations.

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: SMAR , CRUS , COUP

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