Technology Sector Update for 11/13/2019: ARLO,DDOG,IIVI,CSIQ

Top Tech Stocks

MSFT +0.06%

AAPL +0.98%

IBM -0.90%

CSCO +0.56%

GOOG +0.02%

Technology stocks still were edging higher in late trade, with the shares of tech stocks in the S&P 500 climbing almost 0.3% while the Philadelphia Semiconductor Index was rising nearly 0.1%.

Among technology stocks moving on news:

(+) Arlo Technologies (ARLO) rose 2% after a new regulatory filing showed CEO Matthew McRae Monday bought 36,600 shares of the company's stock at a volume-weighted average price of $2.73 apiece, increasing his total stake in the maker of internet-connected monitors to 319,799 shares. A separate Form 4 filing showed board member Ralph Faison also purchased 36,000 shares on Monday at $2.88 each, boosting his ownership position to 182,725 shares.

In other sector news:

(+) Datadog (DDOG) climbed 16% after the cloud-monitoring software firm late Tuesday surprised analysts by reporting adjusted breakeven results and revenue exceeding Wall Street estimates in Q3 as well as projecting Q4 financial results also topping consensus views. The company Wednesday also said it was expanding its corporate footprint in Japan by establishing a new subsidiary, DataDog Japan GK.

(-) II-VI (IIVI) slid over 6% on Wednesday after Deutsche Bank cut its price target on the company's shares by $8 to $40 apiece while Needham & Co trimmed its price target by $6 to $40 a share. The moves follow II-VI Tuesday projecting adjusted profit and revenue for its fiscal Q2 ending Dec. 31 trailing Wall Street forecasts.

(-) Canadian Solar (CSIQ) dropped more than 16% after the photovoltaic products company late Tuesday reported Q3 financial results and issued revenue projections for the current quarter trailing Wall Street expectations. Adjusted EPS was $0.66 per share on $759.9 million in revenue, lagging the Capital IQ consensus by $0.02 per share and $39.7 million, respectively.

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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