Technology

Technology Sector Update for 11/01/2016: TWLO,AMKR,INST

Top Tech Stocks

MSFT -0.34%

AAPL -1.72%

IBM -0.60%

CSCO -0.64%

GOOG -0.36%

Technology stocks were taking their lumps today, with shares of tech companies in the S&P 500 retreating slightly more than 0.8% in afternoon trade.

In company news, Twilio Inc ( TWLO ) was rising Tuesday after analysts at Oppenheimer today began coverage of the cloud communications platform company with an Outperform rating.

The move follows Twilio Oct. 21 pricing a follow-on offering of 641,222 shares of its common stock at $40 a share. The company also sold around 6.4 million shares on behalf of Fidelity, Bessemer Venture Partners, Redpoint Ventures and Union Square Ventures.

TWLO shares recently were up about 4% apiece, earlier reaching a session high of $36.79 a share.

In other sector news,

(+) AMKR, (+9.2%) Q3 EPS of $0.25 beat Capital IQ Consensus by $0.04 per share. Revenue climbs 48% over last year to $1.09 bln, edging out the two-analyst consensus expecting $1.06 bln.

(-) INST, (-24.0%) Guides Q4 revenue in a range of $30.4 mln to $31.0 mln, trailing the $32.2 mln Capital IQ consensus. Non-GAAP Q3 net loss of $0.34 per share was $0.08 narrower than analyst mean. Revenue rises 44.3% to $30.1 mln, in-line with Capital IQ consensus.

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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