Technology
XRX

Technology Sector Update for 01/29/2019: SANM, XRX, TSM

Top Tech Stocks

MSFT -2.37%

AAPL -0.08%

IBM +0.38%

CSCO +0.28%

GOOG -0.52%

Technology stocks were falling this afternoon, with the shares of tech companies in the S&P 500 losing almost 0.9% in value while the Philadelphia Semiconductor Index was dropping about 1.3%.

Among technology stocks moving on news:

(+) Sanmina ( SANM ) was surging Tuesday, climbing 18%, 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.

In other sector news:

(+) 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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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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