Technology
DBX

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

Top Tech Stocks

MSFT -0.47%

AAPL -0.31%

IBM -0.27%

CSCO -0.07%

GOOG -0.78%

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.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

DBX TSM AMD

Other Topics

Commodities

Latest Technology Videos

    MTNewswires

    Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

    Learn More