Technology Sector Update for 11/08/2019: SAIL,AAXN,VSAT,TDC

Top Tech Stocks

MSFT +0.78%

AAPL +0.18%

IBM -0.25%

CSCO +0.39%

GOOG +0.16%

Technology stocks still were adding to their small gains this afternoon, with the shares of tech stocks in the S&P 500 rising nearly 0.3% in late trade while the Philadelphia Semiconductor Index also was climbing almost 0.3%.

Among technology stocks moving on news:

(+) SailPoint Technologies (SAIL) rose over 4% on Friday after Wedbush began analyst coverage of the software firm with an outperform stock rating and a $32 price target.

In other sector news:

(+) Axon Enterprise (AAXN) was surging Friday, racing more than 23% higher, after the wearable technology company reported Q3 financial results topping Wall Street expectations and also raised its FY19 revenue forecast above analyst estimates. Excluding one-time items, it earned $0.28 per share, up from $0.20 per share during the year-ago period following a 25% year-over-year increase in revenue to $131 million. Analysts, on average, were looking for a $0.26 per share adjusted profit on $122.7 million in revenue.

(+) Viasat (VSAT) shares rose 6% on Friday after the communications equipment company reported an adjusted Q3 profit more than doubling analyst projections and also posted revenue exceeding Wall Street forecasts. Excluding one-time items, it earned $0.33 per share during the three months ended Sept. 30 on $592.3 million in revenue, topping the Capital IQ consensus looking for non-GAAP Q3 net income of $0.14 per share on $560 million in revenue.

(-) Teradata (TDC) dropped almost 19% on Friday after the hybrid cloud analytics company missed Wall Street forecasts with its Q3 financial results and projected adjusted net income for the current quarter also trailing analyst estimates. Excluding one-time items, the company earned $0.32 per share, down from $0.36 per share during the same quarter last year and trailing the Capital IQ consensus by $0.08 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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