Technology Sector Update for 05/22/2019: ADI,QCOM,SE,PSTG

Top Tech Stocks

MSFT +0.61%

AAPL -2.05%

IBM -0.07%

CSCO -1.47%

GOOG +0.16%

Technology stocks closed mostly lower, with the shares of tech stocks in the S&P 500 sinking 0.6% while the Philadelphia Semiconductor Index fell 2%.

Among technology stocks moving on news:

(-) Analog Devices (ADI) rose 2%, reversing an earlier decline, after the electronics manufacturer issued a disappointing Q3 profit and sales forecast, blaming the likely shortfall on recent US restrictions on export transactions with Chinese networking giant Huawei. Without directly naming Huawei, Analog Devices said it has ceased shipments to a "large communications company," adding it was exploring whether it can resume some shipments under the temporary general license announced Monday by the US Commerce Department.

In other sector news:

(+) Sea Ltd (SE) Wednesday rose as much as 25% to a best-ever $31.85 a share after the digital entertainment platform said its Q1 nearly tripled compared with the same quarter last year, climbing to $578.8 million during the three months ended March 31 from $197.0 million last year, easily breezing the Capital IQ consensus expecting $436.7 million in revenue.

(-) Qualcomm (QCOM) fell 11% after the chipmaker said it "strongly disagrees" with a US District Court ruling in California late Tuesday siding with the US Federal Trade Commission's contention that Qualcomm's licensing practices make it nearly impossible for rivals also producing modem chips to compete. Qualcomm said it was seeking an immediate stay of the judgment in addition to an "expedited appeal" before the US Court of Appeals.

(-) Pure Storage (PSTG) dropped 25% after the data storage company missed Wall Street expectations with its most recent financial results, posting a non-GAAP net loss of $0.11 per share on $326.7 million in revenue for its Q1 ended April 30 compared with the Capital IQ consensus looking for an $0.08 per share adjusted loss on $333.1 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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