Technology

Technology Sector Update for 08/07/2018: FIVN,BABA,TSM,ESLT

Top Tech Stocks

MSFT +0.68%

AAPL -0.88%

IBM +0.80%

CSCO +0.59%

GOOG +1.54%

Technology stocks were climbing in late trading, with the shares of tech stocks in the S&P 500 were adding just over 0.4% in value while the Philadelphia Semiconductor Index was more than 0.7% higher.

Among technology stocks moving on news:

+ Five9 ( FIVN ) climbed to a new, all-time high on Tuesday, rising almost 26% to a best-ever share price of $44.07 after the cloud software firm reported above-consensus non-GAAP Q2 net income and revenue and projecting Q3 and FY18 results also exceeding Wall Street expectations. Excluding one-time items, Five9 earned $0.11 per share on $61.1 million in revenue, beating the Capital IQ consensus by $0.07 per share and $4.7 million, respectively. Its FY18 forecast range also tops the Street view expecting an adjusted profit of $0.28 per share this year on $237.5 million in revenue by at least $0.11 per share and $7 million, respectively.

In other sector news:

+ Alibaba ( BABA ) was holding on to a nearly 2% advance on Tuesday that followed reports the Chinese online retailer will soon merge its Ele.me food delivery platform with its Koubei food and lifestyle services firm and then seeking to raise between $3 billion and $5 billion for the combined entity later this year. Both firms are competing with Tencent Holdings-backed Meituan Dianping for dominance of the booming on-demand services market, Reuters said.

- Taiwan Semiconductor ( TSM ) recorded small declines on Tuesday, slipping as much as 0.5% lower, after the chipmaker said a computer virus forced a shutdown at several of its factories last weekend, resulting in shipping delays and other product disruptions that will likely take a 3% bite out of its Q3 revenue projections.

- Elbit Systems ( ESLT ) turned lower Tuesday afternoon, giving back a nearly 1.5% advance that previously followed the avionics company early Tuesday saying it has received an $85 million, 10-year contract to supply electronic warfare suites to the Israeli Ministry of Defense for its Navy corvettes selected to protect Israel's Economic Exclusion Zone.

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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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