Technology
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Technology Sector Update for 10/31/2019: DT,CRUS,WDC

Top Tech Stocks

MSFT -0.77%

AAPL +1.74%

IBM -1.27%

CSCO -0.34%

GOOG -0.46%

Technology stocks were moderately lower in Thursday trade, with the shares of tech stocks in the S&P 500 slipping more than 0.4% although the Philadelphia Semiconductor Index was falling over 1.2%.

Among technology stocks moving on news:

(+) Dynatrace (DT) was up 7.6% after the cloud software firm late Wednesday reported non-GAAP net income of $0.06 per share for its fiscal Q2 ended Sept. 30, doubling its $0.03 per share adjusted profit during the same quarter last year and exceeding the Capital IQ consensus by $0.02 per share. Revenue increased 27% over the year-ago period to $129.5 million, also topping the $123.6 million analyst mean.

In other sector news:

(+) Cirrus Logic (CRUS) climbed 15% on Thursday after the fabless chipmaker reported an increase in adjusted Q3 net income to $1.55 per share compared with $1.08 per share during the same quarter last year, easily beating the Capital IQ consensus by $0.61 per share. Revenue grew 6.2% year-over-year to rose to $388.9 million, also topping the $320.4 million analyst mean.

(-) Western Digital (WDC) dropped over 14% after the data storage company late Wednesday warned its fiscal Q2 earnings will likely trail Wall Street expectations. Excluding one-time items, Western Digital is projecting non-GAAP profit for the current quarter in a range of $0.45 to $0.65 per share, lagging the Capital IQ consensus looking for adjusted Q2 net income of $0.75 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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