Technology Sector Update for 02/03/2023: GOOG,GOOGL,AAPL,AI

Technology stocks were retreating again Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 0.4% and the Philadelphia Semiconductor Index declining 2.6%.

In company news, Alphabet (GOOG, GOOGL) shares were down nearly 3% after reporting Q4 earnings of $1.05 per share, down from $1.53 per share a year earlier, and missing analysts' consensus estimate of $1.19.

Apple (AAPL) rose 3%, rebounding from an early 2% decline, a day after the tech company reported fiscal Q1 non-GAAP net income and revenue trailing year-ago comparisons and also missing Wall Street expectations for the three months ended Dec. 31. Excluding one-time items, it earned $1.88 per share on $117.20 billion in revenue, lagging the Capital IQ forecast expecting $1.95 per share and $121.60 billion, respectively. (AI) climbed more than 19% after DA Davidson began coverage of the artificial intelligence software firm's stock with a buy rating and a $30 price target.

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


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.