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Technology Sector Update for 09/27/2019: MU,PRGS,NCTY,EBIX

Top Tech Stocks

MSFT -1.66%

AAPL -0.68%

IBM -0.51%

CSCO -0.11%

GOOG -1.49%

Technology stocks dropped to fresh session low this afternoon, with the shares of tech stocks in the S&P 500 falling nearly 1.7% while the Philadelphia Semiconductor Index was sinking more than 2.6%.

Among technology stocks moving on news:

(-) Micron Technology (MU) tumbled 11% after the chipmaker reported big declines in its adjusted Q4 net income and revenue compared with year-ago levels although it still managed to beat analyst forecasts. Excluding one-time items, it earned $0.56 per share during the three months ended August 29, down from $3.53 per share during the year-ago period but still beating the Capital IQ analyst mean expecting a $0.48 per share non-GAAP profit. Revenue dropped 42.3% from year-ago levels to $4.87 billion, also lagging the $4.56 billion Street view.

In other sector news:

(+) The9 (NCTY) rose more than 4% after the Chinese mobile games developer late Thursday said it was selling some of its subsidiaries in Shanghai to privately held Kapler for around $69.2 million and using the proceeds to repay senior secured convertible notes issued in 2015. The deal includes the company's China The9 Interactive and The9 Computer Technology Consulting units. Other terms were not disclosed.

(-) Ebix (EBIX) slipped 4%. The software firm late Thursday said it rehired Robert Kerris earlier this week to be its chief financial officer. Kerris had been CFO at Ebix between October 2007 to January 2017 and more recently has been a contract consultant for ITB Partners and Robert Half Management Resources.

(-) Progress Software (PRGS) dropped 8.5% on Friday after the enterprise software firm forecast Q4 revenue lagging Wall Street estimates, upstaging better-than-expected Q3 financial results. The company is projecting non-GAAP revenue for the three months ending Nov. 30 in a range of $116 million to $119 million, trailing the Capital IQ consensus for $122 million.

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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