Technology Sector Update for 07/21/2020: IBM, NOK, LOGI, XLK, SOXX

Technology stocks were climbing premarket Tuesday, with the Technology Select Sector SPDR ETF (XLK) gaining 0.98% and the Semiconductor Sector Index Fund (SOXX) 0.64% higher recently.

International Business Machines (IBM) was up more than 5% after it reported an adjusted EPS of $2.18 in Q2, down 31% from a year ago, as revenue fell 5.4% to $18.1 billion over the same period. Analysts polled by Capital IQ had expected an adjusted profit of $2.09 per share on revenue of $17.72 billion for the quarter.

Nokia (NOK) was more than 1% higher after saying it has won a deal to provide Sandvik Mining and Rock Technology, a supplier of tools for mining and rock excavation, its 5G standalone private wireless network for deployment in Finland.

Logitech International (LOGI) was slightly higher after it posted fiscal Q1 non-GAAP net income of $0.64 per share, up from $0.39 a year ago and beating the Capital IQ analyst consensus of $0.36 per share.

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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