Technology Sector Update for 08/23/2019: VMW,PVTL,CBLK,INTU,HPQ

Top Tech Stocks

MSFT -3.07%

AAPL -4.10%

IBM -2.60%

CSCO -2.28%

GOOG -2.57%

Technology stocks were rocked Friday after China said it was retaliating against US tariffs with $75 billion in new tariffs of its own, with the shares of tech stocks in the S&P 500 falling 2.9% while the Philadelphia Semiconductor Index was off 3.9%.

Among technology stocks moving on news:

(-) VMware (VMW) fell 9% after late Thursday announcing a pair of acquisitions with a combined enterprise value of nearly $4.8 billion, offering $15 per share, or about $2.7 billion, in cash for cloud services firm Pivotal Software (PVTL) and paying $26 per share in cash for Carbon Black (CBLK), valuing the cyber-security firm at about $2.1 billion. Both transactions were expected to close before Jan. 31.

In other sector news:

(+) Intuit (INTU) climbed over 3% on Friday after reporting fiscal Q4 financial results exceeding Wall Street expectations, including a 15% increase in revenue over year-ago levels to $994 million, topping the $964.02 million analyst mean. The financial management software firm also recorded an adjusted net loss of $0.09 per share during the three months ended , expanding on a $0.01 per share loss during the same quarter last year but still beating the Capital IQ consensus expecting a $0.14 per share non-GAAP net loss.

(-) HP (HPQ) dropped 6.5% after the computer manufacturer late Thursday said Enrique Lores has been selected to succeed Dion Weisler as president and CEO on Nov. 1, upstaging better-than-expected fiscal Q3 earnings. Excluding one-time items, it earned $0.58 per share during the three months ended July 31, beating the Capital IQ consensus by $0.03 per share while revenue rose 0.1% to $14.6 billion, matching analyst projections.

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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