Technology Sector Update for 10/11/2019: SGMS,SAP,WORK,CRWD

Top Tech Stocks

MSFT +1.09%

AAPL +3.24%

IBM +1.95%

CSCO +1.68%

GOOG +1.18%

Technology stocks put up outsized gains Friday afternoon, with the shares of tech stocks in the S&P 500 climbing over 2.2% while the Philadelphia Semiconductor Index was rising almost 3.4%.

Among technology stocks moving on news:

(+) Scientific Games Corp (SGMS) surged over 9% on Friday after the gaming software firm said it was expanding its partnership with Dutch lottery officials to provide fully digital sports betting throughout the Netherlands. The company is launching its OpenSports platform for both mobile and desktop platforms for Nederlandse Loterij in addition to its OpenTrade managed trading platform for non-Dutch sports. It also will continue to provide the federal agency with its OpenPlatform player account technology and lottery instant games.

In other sector news:

(+) SAP SE (SAP) climbed more than 9% on Friday after the German software giant reported better-than-expected revenue for its Q3 ended Sept. 30, rising 13% over year-ago levels to EUR6.81 billion and topping the Capital IQ consensus looking for EUR6.68 billion in quarterly sales. Basic earnings grew to EUR1.30 per share from EUR1.14 per share last year, matching the analyst mean.

(+) Slack Technologies (WORK) was more than 10% higher after late Thursday saying more than 12 million people were actively using its communications platform every day during September, up 37% over year-ago levels. There also were over 6 million paid seats last month, it said.

(-) CrowdStrike (CRWD) fell over 1% after Goldman Sachs Friday lowered its investment recommendation for the cybersecurity company to sell from neutral and lowered its price target for the company's shares by $17 to $66 apiece.

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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