Technology

Technology Sector Update for 08/13/2019: CVET, TME, IIVI, MSFT, AAPL, IBM, CSCO, GOOG

Top Technology Stocks:

MSFT: -0.31%

AAPL: -0.16%

IBM: -0.19%

CSCO: -0.16%

GOOG: -0.56%

Leading technology stocks were declining pre-market Tuesday.

Early movers include:

(-) Covetrus (CVET), which was slumping more than 35% after the company posted a Q2 GAAP loss of $0.09 per share, compared to earnings of $0.40 per share in the same period a year ago.

(-) Tencent Music Entertainment Group (TME) was slipping more than 6% after it booked non-GAAP earnings per American depositary shares that beat but revenue that missed Wall Street expectations. Non-GAAP earnings per ADS were RMB0.67 ($0.10) for the June quarter, above the RMB0.59 average estimate of analysts surveyed by Capital IQ.

(-) II-VI (IIVI) was more than 6% lower as the optical components company reported fiscal Q4 earnings and sales that beat estimates but offered a downbeat assessment of the current quarter. Its Q4 adjusted earnings totalled $0.67 per share, up from $0.52 in the same period a year ago and topping the estimate of $0.66 from analysts polled by Capital IQ.

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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