Top Tech Stocks
Technology stocks fell this afternoon, with the shares of tech stocks in the S&P 500 were losing almost 1.0% in value while the Philadelphia Semiconductor Index dropped about 1.1%.
Among technology stocks moving on news:
(+) Harris ( HRS ) climbed over 8% on Tuesday after the networking equipment company reported fiscal Q2 net income and revenue topping Wall Street expectations and also raised its FY19 earnings outlook. Excluding one-time items, the company earned $1.96 per share, up from $1.65 per share during the year-ago period and beating the Capital IQ consensus by $0.04 per share.
In other sector news:
(+) Sanmina ( SANM ) was surging Tuesday, climbing 17%, after reporting fiscal Q1 net income and revenue exceeding Wall Street estimates and also providing a better-than-expected outlook for the current quarter ending in March. The company is projecting non-GAAP earnings of between $0.70 to $0.80 per share on revenue in a range of $1.9 billion to $2 billion compared with the analyst consensus expecting an adjusted $0.66 per share profit on $1.82 billion in revenue.
(+) Xerox ( XRX ) was 11% higher after late Monday reporting non-GAAP net income of $1.14 per share for the final three months of 2018, improving on a $1.03 per share adjusted profit during the year-ago period and beating the Capital IQ consensus of $1.02 per share.
(-) Taiwan Semiconductor Manufacturing Co Ltd ( TSM ) fell 2.5% after confirming late Monday it received a shipment of an unnamed chemical used in its manufacturing process that "deviated from specifications" and caused its wafers to have lower-than-expected yields. The chipmaker was working with customers to resolve the problem and said it does not expect an adverse impact on its Q1 financial performance.
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