Technology

Technology Sector Update for 07/25/2017: GOOGL,GOOG,QBAK,STX

Top Tech Stocks

MSFT +0.84%

AAPL +0.48%

IBM +0.08%

CSCO +0.85%

GOOG -3.23%

Technology stocks continue to drift lower today, with shares of tech companies in the S&P 500 falling over 0.2% just before Tuesday's closing bell.

In company news, Alphabet (GOOGL,GOOG) weighed on most technology stocks Tuesday, dropping almost 4% to a session low of $962.80 a share and dragging the sector to a narrow decline as a group despite the tech conglomerate last night reporting above-consensus Q2 financial results.

Excluding one-time items, the company earned $8.90 per share, topping the Capital IQ consensus by $0.60 per share. On a GAAP basis, which includes a $2.7 billion fine from the European Commission, the company earned $5.01 per share, down from $7.00 per share during the same quarter last year but also coming in higher than expectations for a $4.43 per share GAAP profit.

Revenue rose 20.9% over year-ago levels to $26.0 billion, exceeding analyst projections by around $380 million.

Following the Q2 results, analysts at the Pivotal Research Group today trimmed their price target for Google shares by $40 to $940 a share, reiterating their Hold recommendation.

In other sector news,

(+) QBAK, N2Power subsidiary recently receives $600,000 in new orders from an existing customer in the gaming industry. The orders should ship over the next five months through the end of the year.

(-) STX, Adjusted Q4 EPS of $0.65 misses by $0.33 per share. Revenue falls 9.3% to $2.41 bln, trailing the $2.56 bln consensus. Promotes chief operating officer Dave Mosley to CEO, effective Oct. 1, replacing Steve Luczo, who will become executive board chairman.

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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