Technology Sector Update for 08/13/2019: DOYU,GDS,IIVI,WK

Top Tech Stocks

MSFT +1.87%

AAPL +4.33%

IBM +1.02%

CSCO +2.21%

GOOG +1.65%

Technology stocks continue to leading the US markets higher, with the shares of tech stocks in the S&P 500 this afternoon adding nearly 2.5% in value while the Philadelphia Semiconductor Index was rising over 3.0%.

Among technology stocks moving on news:

(-) DouYu International Holdings Ltd (DOYU) dropped almost 9% on Tuesday. The Chinese gaming applications company reported non-GAAP Q2 net income of RMB1.91 per share, reversing a RMB27.25 per share net loss during the same quarter last year and beating the single-analyst estimate expecting an RMB0.11 per share net loss. Revenue jumped 133% over year-ago levels to RMB1.87 billion. Analyst comparisons were not available for revenue.

In other sector news:

(+) GDS Holdings (GDS) climbed 5% on Tuesday after the Chinese data-center company reported a 54.5% increase in Q2 revenue compared with the same quarter last year, rising to RMB985.2 million and beating the Capital IQ consensus expecting RMB968.4 million in revenue for the three months ended June 30.

(+) II-VI (IIVI) was ending about 3% higher after the optical components company beat analyst projections with its fiscal Q4 financial results. Excluding one-time items, it earned $0.67 per share on $362.7 million on revenue during the three months ended June 30, topping the Capital IQ consensus by $0.01 per share and $14.7 million, respectively.

(-) Workiva (WK) dropped 7.5% after late Tuesday disclosing plans for a $300 million private placement of its convertible senior notes due 2026 in addition to a secondary offering of nearly 1.3 million shares now owned by CEO Martin Vanderploeg and five other executives, including its chief financial, technology, revenue, legal and customer officers.

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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