Technology Sector Update for 05/07/2019: ITRI,SEDG,RP

Top Tech Stocks

MSFT -2.21%

AAPL -2.15%

IBM -2.10%

CSCO -1.91%

GOOG -1.46%

Technology stocks were falling hard again on Tuesday, with shares of tech stocks in the S&P 500 losing about 2.1% while the Philadelphia Semiconductor Index was dropping more than 2.5%.

Among technology stocks moving on news:

(+) Itron (ITRI) climbed more than 21% on Tuesday after the technology-services company reported non-GAAP Q1 net income of $0.70 per share, improving on a $0.13 per share adjusted profit during the year-ago period and beating the Capital IQ consensus for $0.44 per share. Revenue rose to $614.6 million from $607.2 million during the same quarter last year and exceeded the $592 million Street view.

In other sector news:

(+) SolarEdge Technologies (SEDG) jumped slightly more than 21% higher after the company late Monday reported better-than-expected Q1 results and forecasted Q2 revenue in a range of $310 million to $320 million, exceeding Wall Street expectations.

(-) RealPage (RP) declined almost 6% after the data analytics firm issued a downbeat Q2 outlook, projecting sales between $241.9 million to $243.9 million compared with the Street view of $246.5 million for the three months ending June 30.

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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