Technology Sector Update for 11/22/2019: MSFT, AAPL, IBM, CSCO, GOOG, SPLK, STNE, PSTG

Top Tech Stocks:

MSFT: +0.37%

AAPL: +0.31%

IBM: flat

CSCO: +0.27%

GOOG: flat

Most leading tech stocks were higher during pre-market trading hours Friday.

Among technology stocks moving on news:

(-) Pure Storage (PSTG) declined more than 20% after reporting Q3 adjusted EPS of $0.13, flat year over year, but better than analysts' estimates of $0.09 in a Capital IQ poll.

(+) Splunk (SPLK), which gained more than 8%. The software developer raised its fiscal 2020 revenue projection for the second time this year as a surge in software sales helped beat guidance for group turnover and earnings in the third quarter. Revenue rose to $626.3 million during the three months that ended Oct. 31 from $481 million a year ago. That result was also ahead of the $605.2 million average analyst estimate compiled by Capital IQ.

(+) StoneCo's (STNE) was up more than 4% after the company reported Q3 adjusted net income that grew 126% year over year to BRL201.9 million ($49.6 million). Revenue and income rose 62.1% on the year to BRL671.1 million ($159.3 million), while the Street was expecting $155.8 million.

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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