Technology Sector Update for 06/12/2019: AYX,MX,NXPI

Top Tech Stocks

MSFT -0.66%

AAPL -0.10%

IBM -0.96%

CSCO -2.45%

GOOG -0.30%

Technology stocks were falling in recent trading, with the shares of tech stocks in the S&P 500 dropping over 0.6% while the Philadelphia Semiconductor Index was dropping more than 2.1% this afternoon.

Among technology stocks moving on news:

(+) Alteryx (AYX) rose 10% after the artificial intelligence and analytics company updated the long-term financial targets during an investor session on Tuesday, projecting adjusted free cash-flow margin of between 30% to 35% as its economies of scale improve and comparing with a 19% margin during its Q1 ended March 31 and an 8% reading for FY18. Also, Needham Wednesday raised its price target on Alteryx shares by $12 to $120 each and reiterated a buy investment recommendation on the company's stock.

In other sector news:

(+) MagnaChip Semiconductor (MX) was up 11% in recent trading, drifting off an earlier gain of 21%. The analog and mixed-signal chipmaker late Tuesday raised its Q2 revenue outlook, projecting at least $194 million in revenue for the three months ending June 30. That compares with its prior forecast looking for revenue in a range of $173 million to $181 million while the two-analyst consensus has been expecting $177 million in Q2 revenue.

(-) NXP Semiconductors (NXPI) was narrowly lower this afternoon. Morgan Stanley raised its stock rating on the chipmaker to overweight from equal weight and also increased its price target on the company's shares by $15 to $114 apiece.

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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