Technology Sector Update for 05/22/2019: PSTG, QCOM, SE, MSFT, AAPL, IBM, CSCO, GOOG

Top Technology Stocks:

MSFT: -0.47%

AAPL: -1.36%

IBM: -0.32%

CSCO: -0.57%

GOOG: -0.38%

Top technology stocks were trading lower pre-bell Wednesday.

Stocks moving on news include:

(-) Pure Storage (PSTG), which was declining more than 17% after the data solutions provider reported fiscal Q1 results that missed Wall Street expectations. Non-GAAP net loss expanded to $0.11 per share for the three months ended April 30, from a net loss of $0.07 per share for the year-ago period.

(-) US District Judge Lucy Koh for the Northern District of California has ruled that Qualcomm (QCOM) violated antitrust law by charging unreasonably high royalties for its patents, media including Reuters reported. Qualcomm was down more than 10% after the news.

(+) Sea Ltd. (SE) was more than 19% higher after it reported a Q1 loss of $1.86 per share, compared with a $0.64 loss per share in the year-ago quarter. Analysts polled by Capital IQ expected the company to record a GAAP loss of $0.76 per share in the quarter.

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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