Technology
QTT

Technology Sector Update for 03/06/2019: PVTL,ZAYO,LOGI,QTT

Top Tech Stocks

MSFT +0.13%

AAPL -0.41%

IBM -0.57%

CSCO +0.80%

GOOG -0.27%

Technology stocks narrowed their earlier declines slightly ahead of Wednesday's closing bell, with the shares of tech stocks in the S&P 500 losing less than 0.5% in value while the Philadelphia Semiconductor Index was falling nearly 1.4%.

Among technology stocks moving on news:

(-) Pivotal Software ( PVTL ) dropped nearly 8% after Goldman Sachs lowered its stock rating for the cloud-services company to neutral from buy and also trimmed its price target for the company's stock by $1 to $24 a share.

In other sector news:

(+) Zayo Group Holdings ( ZAYO ) rose 12% on Wednesday after saying it was evaluating strategic alternatives and postponed its scheduled analyst day event previously scheduled for March 14 to provide the networking equipment company with more time to explore those opportunities. Zayo did not offer a timetable for making a decision but said it expects the process will take a minimum of several weeks to months.

(+) Logitech ( LOGI ) climbed over 1% after the computer accessories company reaffirmed its FY19 outlook expecting revenue growth of between 9% to 11% compared with the Capital IQ consensus expecting 9% growth to around $2.8 billion.

(-) Qutoutiao ( QTT ) tumbled almost 20% after the Chinese news platform saw its adjusted Q4 net loss widen to RMB1.48 per American depositary share from RMB0.61 per ADS during the year-earlier period and missing the Capital IQ consensus expecting an RMB1.10 per ADS net loss. The company also sees its Q1 and FY19 revenue trailing Street views looking for RMB1.25 billion and RMB9.05 billion, respectively.

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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