Technology

Technology Sector Update for 03/08/2018: DVMT, WUBA, NTES

Top Tech Stocks

MSFT, +0.6%

AAPL, +1%

IBM, -1.3%

CSCO, +0.2%

GOOG, +1.4%

Technology stocks were firming up as the regular session approached the close, with shares of tech companies in the S&P 500 ( XLK ) adding almost 0.4% in value today while the Philadelphia semiconductor index (^SOX) was posting a 0.1% increase.

Among technology stocks moving on news:

NetEase ( NTES ) rose more than 2% after it said its free-to-play cross-platform MMORPG, Crusaders of Light, is available to play on Steam, along with a new global server and a major content update. The server is Ferroc Camp, set at North America UTC-8, according to a statement. Now available on the App Store, Google Play, and Facebook Gameroom, the company said Crusaders of Light features over 300 hours of available gameplay.

In other sector news:

- 58.com ( WUBA ) has turned narrowly lower Thursday afternoon, giving back a nearly 6% advance earlier in the session that followed the online classified ads company reporting improved Q4 results compared with year-ago leval and also topping analyst estimates. Excluding one-time items, the company earned RMB3.69, or about $0.56, per American depository share, reversing a RMB0.16 per share adjusted net loss during the same quarter last year and topping the Capital IQ consensus expecting a $0.29 per share non-GAAP profit. Revenue grew 32% year over year to RMB2.76 billion, or about $423.1 million, from RMB2.09 billion last year, also exceeding the Street view expecting $413.7 million.

+ Dell Technologies ( DVMT ) climbed over 3% on Thursday, rising over 3% to a session high of $79.84 a share, after the information technology company reported adjusted Q4 net income from continuing operations of $1.10 billion, up from $1.09 billion from a year earlier. On a GAAP basis, the company reported a net loss from continuing operations of $553 million, narrowing from a net loss of $1.41 billion in the year-ago period. Revenue for the quarter was $21.9 billion, up from $20 billion reported for the same period last year.

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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