Technology

Technology Sector Update for 11/01/2018: NXPI,MAXR,MAXR.TO,FIT,SPOT

Top Tech Stocks

MSFT -0.94%

AAPL +1.15%

IBM +0.97%

CSCO -0.23%

GOOG -0.65%

Technology stocks continued to firming in recent trading, with the shares of tech stocks in the S&P 500 were adding more than 1.1% in value while the Philadelphia Semiconductor Index was rising over 4.6%.

Among technology stocks moving on news:

(+) NXP Semiconductors ( NXPI ) was more than 13% higher in late Thursday trading, staying within close range of its session high, after late Wednesday reporting an increase in GAAP net income to $1.82 billion from $108 million during the July-to-September fiscal period last year. Revenue rose 2% year over year to $2.45 billion, narrowly topping the $2.42 billion analyst mean. Looking forward, the company also is projecting total revenue for the current quarter ending Dec. 31 in a range $75 million either side of a $2.39 billion mid-point, representing flat growth to a 6% decline from year-ago levels and straddling the $2.41 billion Street view.

In other sector news:

(+) Fitbit ( FIT ) still was almost 24% higher Thursday afternoon, easing from a nearly 65% previously in the session that followed the smart-watch company reporting a Q3 non-GAAP profit of $0.04 per share, reversing a $0.01 per share net loss during the year-ago period and beating the Capital IQ consensus also expecting a $0.01 per share net loss.

(-) Maxar Technologies (MAXR,MAXR.TO) was almost 9% lower on Thursday after the networking equipment company late Wednesday reported non-GAAP Q3 net income and revenue trailing analyst forecasts and prompting downgrades by analysts at least two brokerages today. Excluding one-time items, Maxar earned $0.75 per share on $508.2 million in revenue, lagging the Capital IQ consensus by $0.30 per share and $18.3 million, respectively. Following the below-consensus results, analysts at Canaccord Genuity lowered their investment recommendation for the Maxar stock to Speculative Buy From Buy previously while CIBC cut its stock rating to Neutral from Outperform. Also Thursday, analysts at RBC Capital Markets trimmed their price target for Maxar Tech by $17 to $40 a share.

(-) Spotify Technology SA ( SPOT ) dropped almost 11% at one point during Thursday trading after the music streaming service reported a surprise Q3 profit, posting net income of EUR0.23, or about $0.26, per share compared to a EUR1.84 per share net loss during the same quarter last year and topping the Street view expecting a EUR0.30 per share net loss.

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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