Technology Sector Update for 05/24/2019: INTU,VSAT,SNAP,GOOG,GOOGL,ADSK

Top Tech Stocks

MSFT +0.27%

AAPL -0.05%

IBM +0.01%

CSCO +0.49%

GOOG -0.47%

Technology stocks drifted off their prior gains, with the shares of tech companies in the S&P 500 rising fractionally while the Philadelphia Semiconductor Index dropped 0.8%, reversing a prior advance.

Among technology stocks moving on news:

(+) Intuit (INTU) rose 7% Friday after the software company reported above-consensus financial results for its Q3 ended April 30 and also raised its FY19 outlook above Wall Street estimates. The company is now expecting to earn between $6.67 to $6.67 per share, excluding one-time items, on $6.74 billion to $6.76 billion in revenue for the 12 months ending July 31, up from its prior forecast range looking for a $6.40 to $6.50 per share adjusted profit on $6.738 billion to $6.758 billion in revenue. Analysts, on average, are modeling non-GAAP FY19 net income of $6.55 per share on $6.66 billion in revenue.

In other sector news:

(+) ViaSat (VSAT) climbed 7% on Friday after reporting adjusted Q4 net income of $0.33 per share, reversing a $0.05 per share net loss during the same quarter last year ago and beating the Capital IQ consensus by $0.26 per share. Revenue for the mobile satellite networking company rose to $557.2 million from $439.7 million during the year-ago period and also topping the $538.7 million analyst mean.

(+) Snap (SNAP) was nearly 5% higher on Friday after Variety reported that the social media and messaging company hired Oona King as its first-ever vice president of diversity and inclusion. King most recently was the director of diversity strategy at Alphabet's (GOOG,GOOGL) Google unit, according to the Variety report.

(-) Autodesk (ADSK) slumped Friday, falling 4%, after the software company reported improved results for its fiscal Q1 ended April 30 but still lagging Wall Street expectations. It earned $0.45 per share, excluding one-time items, on $735.5 million in revenue compared with a $0.06 per share adjusted profit on $559.9 million in revenue during the same quarter last year. Analysts, on average, had expected non-GAAP earnings of $0.47 per share and $740.1 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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