Technology Sector Update for 08/15/2019: NTAP,PVTL,CSCO

Top Tech Stocks

MSFT -0.91%

AAPL -1.2%

IBM -0.37%

CSCO -8.9%

GOOG +0.01%

Technology stocks were narrowly lower in recent trading, with the shares of tech stocks in the S&P 500 slipping more than 2% while the Philadelphia Semiconductor Index was falling 0.8%.

Among technology stocks moving on news:

(+) NetApp (NTAP) rose 3.7% after reporting adjusted fiscal Q1 net income of $0.65 per share on $1.24 billion in revenue, down on both sides of the ledger compared with the year-ago period but still beating the Capital IQ consensus expecting a $0.58 per share adjusted profit on $1.23 billion in revenue during the three months ended July 26.

In other sector news:

(+) Pivotal Software (PVTL) was nearly 69% higher during Thursday trade after the software development company said it was in talks to be acquired by VMWare (VMW) for $15 per class A share in cash, representing an 80.7% premium over Wednesday's closing price.

(-) Cisco Systems (CSCO) dropped nearly 9% after late Wednesday projecting adjusted fiscal Q1 net income in a range of $0.80 to $0.82 per share, trailing the Street view expecting a $0.83 per share non-GAAP profit for the networking equipment giant during the three months ending Oct. 30.

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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