Technology Sector Update for 10/23/2019: SMIT,TWTR,CRWD,TXN

Top Tech Stocks

MSFT +0.34%

AAPL +1.04%

IBM +0.31%

CSCO -1.22%

GOOG +1.15%

Technology stocks were finishing narrowly lower this afternoon, with the shares of tech stocks in the S&P 500 slipping nearly 0.2% although the Philadelphia Semiconductor Index was falling almost 2.1%.

Among technology stocks moving on news:

(-) Schmitt Industries (SMIT) was 1% lower in late trade. The maker of test and measurement products Wednesday named Regina Walker to be its new chief financial officer, effective immediately. Walker joins Schmitt Industries from privately held truck seller TEC Equipment, where he also was CFO. He succeeds Ann Ferguson, who August 26 disclosed plans to step down at the end of November.

In other sector news:

(+) CrowdStrike (CRWD) climbed over 4% after Nomura began analyst coverage of the cybersecurity company with a buy investment recommendation and a $65 price target.

(+) Twitter (TWTR) turned fractionally higher in late trade, reversing a more than 1% decline earlier Wednesday afternoon. BMO Capital Wednesday raised its price target for the micro-blogging platform by $3 to $45 a share and reiterated its market perform rating for the company's stock.

(-) Texas Instruments (TXN) dropped more than 7% after the contract chipmaker said its revenue fell to $3.77 billion from $4.26 billion during its Q3 ended Sept. 30 compared with the year-ago period, trailing the Capital IQ consensus looking for $3.81 billion in quarterly revenue. It also sees its Q4 earnings lagging the Street view looking for a $1.30 per share quarterly profit by at least $0.21 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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