Technology Sector Update for 11/05/2019: UBER, XRX, ADBE, MSFT, AAPL, IBM, CSCO, GOOG

Top Technology Stocks:

MSFT: +0.38%

AAPL: -0.10%

IBM: +0.23%

CSCO: +0.15%

GOOG: +0.28%

Technology heavyweights were mostly higher pre-market Tuesday.

Stocks moving on news include:

(-) Uber (UBER), which was down by more than 6% even after it reported a Q3 loss of $0.68 per share, narrower than the year-ago loss of $2.21 per share. Revenue was $3.81 billion, up from $2.94 billion last year. Analysts polled by Capital IQ were expecting a GAAP loss of $0.84 per share, a non-GAAP loss of $0.54 per share and revenue of $3.68 billion.

(+) Xerox (XRX) was climbing more than 6% after saying it has agreed to sell its 25% stake in Fuji Xerox Co. Ltd. to a unit of FUJIFILM Holdings Corp. The company also agreed to sell its 51% stake in Xerox International Partners, a joint venture between Xerox and Fuji Xerox, to the latter's affiliate. In connection with the deals, FUJIFILM agreed to dismiss the $1 billion lawsuit it filed against Xerox after their merger got terminated last year.

(+) Adobe Systems (ADBE) was up more than 5% after reiterating its Q4 guidance of non-GAAP EPS of $2.25 and revenue of $2.97 billion. At an investor meeting, the California-based software company raised its Q4 digital media net new annualized recurring revenue target to $475 million, up by $25 million from previous guidance.

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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