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Technology Sector Update for 07/28/2020: ROK,CVLT,ROP

Technology stocks were lower Tuesday, with the SPDR Technology Select Sector ETF declining 0.3% while the Philadelphia Semiconductor Index was slipping 1.3%.

In company news, Rockwell Automation (ROK) fell over 2% after reporting big declines in its non-GAAP net income and revenue for its fiscal Q3 ended June 30 compared from year-ago levels, upstaging an improved FY20 forecast. Excluding one-time items, it earned $1.27 per share on $1.39 billion in Q3 sales, down from a $2.40 per share adjusted profit during the same quarter last year, although that still beat the Capital IQ consensus by $0.10 per share. Revenue slipped 16.8% year-over-year to $1.39 billion, matching the Street view.

CommVault Systems (CVLT) rose 12% after the networking equipment Tuesday reported non-GAAP net income of $0.51 per share for its fiscal Q1 ended June 30, improving on a $0.27 per share adjusted profit during the year-ago period and easily topping the Capital IQ consensus expecting $0.16 per share. Revenue also increased 6.6% over the same quarter last year to $173 million, also exceeding the $152.9 million analyst mean.

Roper Technologies (ROP) climbed 2.6% after the software firm Tuesday reported non-GAAP Q2 net income of $2.94 per share, down compared with a $3.07 per share adjusted profit for the same quarter last year but still beating the Capital IQ consensus expecting $2.68 per share. Net revenue fell 1.5% year-over-year to $1.31 billion, also exceeding the $1.26 billion consensus call.

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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