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TME

Technology Sector Update for 03/20/2019: TDC,SMAR,TME

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Technology stocks were dropping in recent trading, with the shares of tech stocks in the S&P 500 losing nearly 0.6% in value this afternoon while the Philadelphia Semiconductor Index was falling about 1.3%.

Among technology stocks moving on news:

(-) Teradata Corp ( TDC ) dropped over 6% after Citigroup Wednesday cut its investment recommendation for the data storage company to sell compared with its prior neutral call.

In other sector news:

(+) Smartsheet ( SMAR ) rose almost 6% after reporting an adjusted Q4 net loss of $0.01 per share, narrowing its $0.07 per share loss during the year-ago period and easily topping the Capital IQ consensus expecting a $0.13 per share non-GAAP net loss. Revenue grew 58% year-over-year to $52.2 million, also exceeding the $49.7 million analyst mean.

(-) Tencent Music Entertainment Group ( TME ) slumped Wednesday, sinking over 9%. The online music platform reported non-IFRS Q4 net income of RMB0.57 per American depository share, topping Wall Street estimates expecting RMB0.56 per ADS. Revenue rose 51% year over year to RMB5.40 billion, also beating the RMB5.24 billion analyst mean.

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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