Technology Sector Update for 08/05/2020: LPSN, MCHP, ACLS, XLK, SOXX

Technology firms were flat before markets open on Wednesday. The Technology Select Sector SPDR ETF (XLK) and the Semiconductor Sector Index Fund (SOXX) were both unchanged.

LivePerson (LPSN) rose nearly 16% after reporting a Q2 net loss of $0.28 per share, compared with a loss of $0.38 per share a year earlier. Analysts polled by Capital IQ projected a loss of $0.38 per share. The company also raised its full-year 2020 outlook due to a surge in demand for conversational artificial intelligence software.

Microchip Technology (MCHP) retreated more than 6%. The company late Tuesday posted fiscal Q1 non-GAAP EPS of $1.56, up from $1.41 a year earlier. That beat the average EPS estimate of $1.44 from analysts polled by Capital IQ. The company also increased its quarterly cash dividend to $0.3680 per share from the previous quarter's $0.3675 per share.

Axcelis Technologies (ACLS) also declined more than 9%. On Tuesday, the company reported Q2 net income of $0.39 per share, up from $0.33 per share a year earlier. Analysts polled by Capital IQ projected EPS of $0.27.

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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