Technology Sector Update for 09/13/2019: AVGO,MTSL,MDLA,PCYG

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Technology stocks extended their decline in late Friday trading, with the shares of tech stocks in the S&P 500 dropping almost 0.7% although the Philadelphia Semiconductor Index was slipping 0.1%.

Among technology stocks moving on news:

(-) Broadcom (AVGO) slid 3.5% on Friday after the networking equipment company issued FY19 revenue guidance trailing Wall Street expectations, forecasting $22.50 billion in revenue for the 12 months ending Oct. 31, lagging the Capital IQ consensus expecting $22.58 billion in annual sales.

In other sector news:

(+) Mer Telemanagement Solutions Ltd (MTSL) was 28% higher this afternoon, easing from an early 120% advance, after late Thursday reporting significantly improved financial results for the six months ended June 30 and saying it recently introduced omni channels allowing users to connect through voice, emails, chats and social media and are expected to drive its future revenue growth.

(+) Medallia (MDLA) climbed 14% on Friday after a new regulatory filing showed board member Douglas Leone of Sequoia Capital earlier this week acquired nearly 400,000 of the data-analytics software company's shares through a series of open-market transactions. Leone bought 48,241 shares at an average of $27.97 apiece on Tuesday and followed those purchases by buying another 351,024 shares at $28.14 each on Wednesday.

(-) Park City Group (PCYG) dropped over 13% after the software firm late Thursday said it earned $0.00 per share during its fiscal Q4 ended June 30, slipping from a $0.06 per share profit during the same quarter last year and missing the two-analyst mean expecting net income of $0.03 per share. Revenue dropped 26% from year-ago levels to $4.66 million, also lagging the $5.28 million Street view.

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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