Technology

Technology Sector Update for 02/13/2020: NTAP,CPAH,PATH.TO,DAVA,CSCO

Top Tech Stocks

MSFT -0.37%

AAPL -0.63%

IBM -0.37%

CSCO -4.64%

GOOG +0.38%

Technology stocks were little changed Thursday afternoon, with the shares of tech stocks in the S&P 500 advancing less than 0.1% this afternoon while the Philadelphia Semiconductor Index also was less than 0.1% higher in late trade.

Among technology stocks moving on news:

(-) NetApp (NTAP) fell over 9% after the data-management firm missed Wall Street expectations with its fiscal Q3 financial results and projected non-GAAP net income for the current quarter also lagging analyst estimates. Excluding one-time items, it sees Q4 earnings in a range of $1.28 to $1.36 per share, trailing the Capital IQ consensus looking for a $1.39 per share adjusted profit.

In other sector news:

(+) CounterPath (CPAH) rose almost 20% after the networking software firm announced a five-year subscription deal with Vodafone Fiji (VOD) for its Bria mobile phone applications and Stretto voice-calling platform for customers in Fiji and neighboring islands. Financial terms were not disclosed.

(+) Endava (DAVA) climbed 13% after automation services company Thursday reported non-GAAP net income of GBP0.30 per share for its fiscal Q2 ended Dec. 31, up from GBP0.20 per share during the same quarter last year and beating the Capital IQ consensus. Revenue grew 19.6% to GBP85.9 million, topping the GBP83 million analyst mean.

(-) Cisco Systems (CSCO) slid 4.6% after the networking equipment company reported better-than-expected financial results for the three months ended Jan. 25. Some analysts said orders were weak.

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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