Technology Sector Update for 11/13/2019: CDLX, TECD, APO, TSEM, MSFT, AAPL, IBM, CSCO, GOOG

Top Technology Stocks:

MSFT: -0.13%

AAPL: -0.15%

IBM: Flat

CSCO: -0.14%

GOOG: -0.40%

Leading technology stocks were mostly declining pre-market Wednesday.

Moving stocks include:

(+) Cardlytics (CDLX), which was up 18% after it booked adjusted EPS of $0.03 in Q3, against analysts' estimates of an adjusted net loss of $0.14 per share in a Capital IQ survey, and reversing from adjusted net loss of $0.15 a year earlier. Revenue grew 63% to $56.4 million from a year ago, also exceeding the $50.02 million consensus.

(+) Tech Data (TECD) was climbing more than 3% after it agreed to be taken private by an affiliate of Apollo Global Management (APO) for $130 per share, with the purchase price implying an enterprise value of $5.4 billion for the technology distributor.

(-) Tower Semiconductor (TSEM) was slipping more than 7% as it reported Q3 adjusted earnings of $0.25 per share, down from $0.37 per share in the prior-year quarter but in line with the consensus estimate compiled by Capital IQ.

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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