Technology Sector Update for 10/03/2019: SNAP,FB,CRWD,SFET,GPRO

Top Tech Stocks

MSFT +1.17%

AAPL +0.64%

IBM -0.10%

CSCO +1.70%

GOOG +0.80%

Technology stocks continued to add to their mid-day gains, with the shares of tech stocks in the S&P 500 climbing nearly 1.1% while the Philadelphia Semiconductor Index was ahead over 1.4% shortly before Thursday's closing bell.

Among technology stocks moving on news:

(+) Snap (SNAP) shares fell more than 3% after Facebook's (FB) Instagram unit Thursday introduced a new application rivaling Snap's photo-sharing website. Like Snapchat and Instagram, the new Threads app also is focused on photos and videos but also is designed to encourage communication by automatically sending those images to selected groups of friends and associates.

In other sector news:

(+) CrowdStrike (CRWD) climbed 10% after SunTrust Thursday raised its investment recommendation on the cloud-based cybersecurity company to buy from hold previous. The brokerage also set an $80 price target on CrowdStrike shares.

(+) Safe-T Group (SFET) raced 16% higher after the Israeli cybersecurity company Thursday said it was expecting Q3 revenue in a range $50,000 either side of $1.4 million, representing an increase of between 440% to 480% over the $248,000 in the same July-to-September reporting period last year. Analyst estimates were not available for comparison.

(-) GoPro (GPRO) tumbled more than 19% after the wearable cameras company cut its forecast for core earnings and revenue growth over the second half of 2019 because of production delays for its HERO8 Black camera. Excluding one-time items, the company is now projecting Q3 net income of between $0.33 to $0.39 per share, down from its prior range of $0.37 to $0.49 per share

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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