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Technology Sector Update for 09/11/2019: IQ,MAXR,ZS

Top Tech Stocks

MSFT -0.38%

AAPL +2.79%

IBM -1.15%

CSCO +1.22%

GOOG +1.18%

Technology stocks were mostly higher in recent trading, with the shares of tech stocks in the S&P 500 climbing over 0.8% while the Philadelphia Semiconductor Index was rising more than 1%.

Among technology stocks moving on news:

(+) iQIYI (IQ) rose 6.7% after early Wednesday announcing the launch of a new group to develop standard format specifications for interactive video entertainment in China associated with the upcoming arrival of 5G mobile service. Other participants include privately held content providers Youku, Tencent Video and Mango TV, along with Tsinghua and Beihang universities and the National Radio and Television Administration. The new standards are slated for release before the end of the year.

In other sector news:

(+) Maxar Technologies (MAXR) climbed 11% after the company's MDA subsidiary has been hired to design and build navigation antennas for use on the MEASAT-3D satellite, a new communication satellite that Airbus is making to deliver internet connectivity over Malaysia. Terms of the deal were not disclosed.

(-) Zscaler (ZS) plunged 20% after the cloud security company late Tuesday issued fiscal Q1 and FY20 profit outlooks trailing Wall Street expectations. The company is projecting Q1 net income in a range of $0.00 to $0.01 per share trailing the Capital IQ consensus expecting a $0.03 per share profit.

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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