Technology

Technology Sector Update for 05/02/2018: SSYS,AAPL

Top Tech Stocks

MSFT -0.68%

AAPL +4.48%

IBM -0.76%

CSCO -1.67%

GOOG -0.16%

Technology stocks were somewhat higher Wednesday, with shares of tech companies in the S&P 500 adding slightly more than 0.3% in value although the Philadelphia semiconductor index was posting a more than 0.2% decline.

Among technology stocks moving on news:

- Stratasys ( SSYS ) dropped to a 26-month low of $17.30 a share on Wednesday after the 3-D printer company reported Q1 net income and revenue missing Wall Street forecasts. The company earned $0.05 per share during the three months ended March 31, unchanged from the same quarter last year and trailing the Capital IQ consensus by $0.03 per share. Revenue fell to $153.8 million from $163.2 million during the year-ago quarter and coming up about $4.1 million shy of the $167.3 million analyst mean.

In other sector news:

+ Apple ( AAPL ) rose Wednesday after reporting fiscal Q2 net income of $2.73 per share, climbing 30% over the year-ago period and beating the Capital IQ consensus by $0.06 per share. Revenue grew 16% year over year to $61.1 billion, also exceeding the $60.9 billion analyst mean. The tech giant also authorized a new, $100 billion stock buyback program and increased its quarterly dividend by 16% over its most recent distribution to $0.73 per share. It sold 52.2 million iPhones during Q2, up from 50.7 million during the year-ago period quarter but lagging expectations for around 53 million units. iPad sales were in-line with expectations at 9.1 million units sold.

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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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