Technology Sector Update for 08/10/2018: DBX,AMD,TSM

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Technology stocks were declining Friday afternoon, with the shares of tech stocks in the S&P 500 losing over 0.5% in value while the Philadelphia Semiconductor Index was dropping almost 2.3%.

Among technology stocks moving on news:

- Dropbox ( DBX ) shares retreated Friday, at one point dropping almost 11%, after saying chief operating officer Dennis Woodside will step down early next month, upstaging the online document-sharing company reporting better-than-expected Q2 financial results and prompting analysts from at least two brokerages to increase their respective price targets for the company's stock. RBC Capital Markets raised its price target by $2 to $36 a share, describing Woodside's departure as a likely "entrepreneural itch transition." Canaccord Genuity also said management turnover is normal and often healthy, adding Friday's market decline was a buying opportunity for investors while also raising its price target by $2 to $38 a share.

In other sector news:

+ Advanced Micro Devices ( AMD ) still was moderately higher Friday afternoon, earlier climbing as much as 2% soon after the opening bell, after analysts at Goldman Sachs raised their investment rating for the chipmaker to Neutral from Sell. The upgrade follows AMD in late July reporting above-consensus financial results, including adjusted Q2 net income of $0.14 per share and beating the Capital IQ consenus by $0.01 per share. Revenue jumped 53% year over year to $1.76 billion, also exceeding the $1.72 billion Street view.

- Taiwan Semiconductor Manufacturing Co Ltd ( TSM ) was drifting lower Friday, falling about 2% in recent afternoon trading, despite the chipmaker reporting a 3.9% sales increase during July over year-ago levels, reaching TWD74.37 billion, or about $2.42 billion. The company also has generated TWD555.73 billion in year-to-date sales, an increase of 7.0% over the first seven months of 2017.

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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