Technology Sector Update for 05/09/2019: COMM,NUAN,TEAM,TTD

Top Tech Stocks

MSFT -0.14%

AAPL -1.13%

IBM -0.78%

CSCO -0.71%

GOOG -0.27%

Technology stocks pared some of the prior losses this afternoon, with the shares of tech stocks in the S&P 500 losing almost 0.6% in value while the Philadelphia Semiconductor Index was falling nearly 1.1%.

Among technology stocks moving on news:

(-) CommScope Holding (COMM) was down almost 19% in late Thursday trading after the networking equipment company issued earnings and revenue guidance for the current quarter ending June 30 missing the Capital IQ consensus and upstaging better-than-expected Q1 financial results. The company is projecting adjusted net income in a range of $0.54 to $0.62 per share with a revenue range of $2.49 billion to $2.66 billion. Analysts, on average, are looking for CommScope this quarter to earn $0.70 per share on $2.81 billion in revenue.

In other sector news:

(+) Nuance Communications (NUAN) climbed 7% on Thursday after the voice-recognition software firm reported fiscal Q2 financial results exceeding Wall Street expectations. It earned $0.29 per share, excluding one-time items, on $451 million in revenue during the three months ended March 31 compared with the Capital IQ consensus looking for a non-GAAP profit of $0.25 per share on revenue of $449.9 million.

(+) Atlassian Corp (TEAM) rose about 7% after Goldman Sachs raised its investment recommendation on the software licensing company to buy from neutral and also increased its price target on the company's shares by $10 to $125 each.

(-) The Trade Desk (TTD) declined 15% on Thursday. For FY19, the company is looking for at least $645 million in revenue, up $8 million over its prior guidance, while analysts polled by Capital IQ, on average, are expecting The Trade Desk to generate $648.7 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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