Technology Sector Update for 11/07/2019: BRKS,COMM,QCOM,ROKU

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MSFT -0.01%

AAPL +0.98%

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CSCO +0.01%

GOOG +1.56%

Technology stocks were giving back a portion of their earlier advance, with the shares of tech stocks in the S&P 500 this afternoon climbing more than 0.7% while the Philadelphia Semiconductor Index was rising almost 0.5%.

Among technology stocks moving on news:

(+) Brooks Automation (BRKS) rose over 7% after the semiconductor processing company reported non-GAAP net income of $0.24 per share during its fiscal Q4 ended Sept. 30, up from $0.17 per share during the same quarter last year and beating the Capital IQ consensus by $0.01 per share. Revenue increased 25% compared with the year-ago period to $200.2 million, also topping the $195.4 million analyt mean.

In other sector news:

(+) CommScope (COMM) climbed almost 26% on Thursday after the networking equipment company reported non-GAAP net income of $0.55 per share for its Q3 ended Sept. 30, down from a $0.59 per share adjusted profit during the corresponding quarter last year but easily beating the Capital IQ consensus by $0.11 per share.

(+) Qualcomm (QCOM) was ahead 6% after the chipmaker late Wednesday reported non-GAAP Q3 net income and revenue exceeding Wall Street estimates and also said interim chief financial officer Akash Palkhiwala was named the permanent chief financial officer of the company. The former senior vice president for finance at Qualcomm took over the post in August after Dave Wise stepped down as interim CFO.

(-) Roku (ROKU) tumbled more than 16% after the maker of video-streaming hardware late Wednesday saw its Q3 net loss more than double its year-ago loss, widening to $0.22 per share compared with a $0.09 per share net loss during the same July-to-September quarter last year.

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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