Technology

Technology Sector Update for 01/18/2019: ZAYO,ANET,CASA

Top Tech Stocks

MSFT +1.39%

AAPL +0.75%

IBM +2.04%

CSCO +2.14%

GOOG +1.66%

Technology stocks were riding large gains higher this afternoon, with the shares of tech companies in the S&P 500 adding nearly 1.7% in value, while the Philadelphia Semiconductor Index was rising almost 2.9%.

Among technology stocks moving on news:

(+) Zayo Group Holdings ( ZAYO ) rose almost 8% at one point on Friday after media reports said that a private equity consortium was interested in buying the company. The company was also selected to provide multiple point-to-point dark fiber and long-haul wavelength connections for an unnamed global media company.

In other sector news:

(+) Arista Networks ( ANET ) received a boost during Friday trading, climbing almost 5% after Nomura upgraded the cloud networking company to buy with a $260 price target from a neutral call previously.

(-) Casa Systems ( CASA ) dropped 22% after the broadband products company issued preliminary Q4 results trailing Wall Street expectations. It sees non-GAAP net income for the three months ended Dec. 31 in a range of $0.13 to $0.17 per share on between $63 million to $69 million in revenue. Analysts, on average, have been looking for an adjusted Q4 profit of $0.20 per share on $104.4 million 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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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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