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Technology Sector Update for 02/27/2019: CLGX,SE,PANW,TIVO

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Technology stocks trimmed most of their prior declines this afternoon, with the shares of tech stocks in the S&P 500 losing just over 0.1% in value shortly before Wednesday's closing bell although the Philadelphia Semiconductor Index still was declining almost 1.3%.

Among technology stocks moving on news:

(-) CoreLogic ( CLGX ) fell over 9% on Wednesday after reporting an 11% year-over-year decline in revenue to $403 million, lagging the $412 million Street view. The property analytics company also issued FY19 guidance trailing analyst estimates, projecting adjusted earnings in a range of $2.25 to $2.55 per share on between $1.620 billion to $1.680 billion in revenue. Analysts, on average, are expecting the company to this year earn $2.78 per share, less one-time items, on $1.77 billion in revenue.

In other sector news:

(+) Sea Limited ( SE ) soared as much as 33% higher to a record high of $21.66 after late Tuesday reporting a smaller-than-expected Q4 net loss. The digital entertainment and services platform company turned in a net loss of $0.81 per share during the three months ended Dec. 31, improving on a $0.90 per share net loss during the same quarter in 2017 and also topping the Capital IQ consensus expecting no change from the year-ago period.

(+) Palo Alto Networks ( PANW ) climbed 7% on Wednesday after the firewall software firm reported non-GAAP net income of $1.51 per share for its fiscal Q2 ended Jan. 31, improving on a $1.05 per share adjusted profit during the same period last year and outpacing the Capital IQ consensus by $0.29 per share. Revenue rose to $711.2 million from $545.6 million during the year-ago period, also topping the $682.32 million analyst mean.

(-) TiVo ( TIVO ) dropped 13% after the digital recording company reported disappointing Q4 results, including a GAAP net loss of $2.33 per share during the three months ended Dec. 31, reversing a $0.15 per share profit during the final quarter of FY17 and missing the Capital IQ consensus expecting a $0.12 per share net loss. Revenue fell to $168.46 million from $214.24 million during the year-ago period, also lagging the $173.68 million Street view.

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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