Technology Sector Update for 02/14/2020: SVMK,VECO,ANET

Top Tech Stocks

MSFT +0.22%

AAPL -0.20%

IBM -2.12%

CSCO -1.56%

GOOG +0.04%

Technology stocks were posting small gains on Friday, with the shares of tech stocks in the S&P 500 climbing about 0.2%, overcoming a 0.2% decline for chipmakers as measured by the Philadelphia Semiconductor Index.

Among technology stocks moving on news:

(+) SurveyMonkey (SVMK) Friday jumped more than 17% Friday, earlier touching an all-time high of $22.03 a share after reporting better-than-expected Q4 financial results and also forecasting Q1 and FY20 revenue exceeding analyst estimates. Excluding one-time items, the survey software firm narrowed its Q4 net loss to $0.02 per share on $84.3 million in revenue, beating the Capital IQ consensus expecting a $0.04 per share adjusted net loss and $83.8 million in revenue.

In other sector news:

(+) Veeco Instruments (VECO) climbed over 10% after the chip-making supplier reported non-GAAP Q4 net income of $0.11 per share, reversing a $0.16 per share adjusted loss during the same quarter last year and doubling up the Capital IQ consensus expecting $0.08 per share. Revenue rose 14.3% year-over-year to $113.2 million, also beating the $111.1 million analyst mean.

(-) Arista Networks (ANET) declined 6.4% on Friday after the cloud networking equipment firm reported non-GAAP net income of $2.29 a share and $552.5 million in revenue during its Q4 ended Dec. 31. Analysts, on average, had been expecting the company to earn $2.09 per share, excluding one-time items, on $551.4 million in revenue.

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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