Technology

Technology Sector Update for 11/24/2021: DELL,PSTG,HPQ,NTNX

Technology stocks were finishing near their intra-day highs, with the SPDR Technology Select Sector ETF (XLK) Wednesday rising 0.5% while the Philadelphia Semiconductor Index was advancing 0.6% this afternoon.

In company news, Dell Technologies (DELL) rose 5.5% after the computer hardware firm reported non-GAAP net income of $2.37 per share for its fiscal Q3 ended Oct. 29, up from $2.03 during the same quarter in 2020 and beating the Capital IQ consensus by $0.07 per share. Net revenue increased 20.9% over year-ago levels to $28.4 billion, also exceeding the $27.3 billion Street view.

Nutanix (NTNX) added 8.1% after the cloud computing company reported a non-GAAP net loss of $0.22 per share for its fiscal Q1 ended Oct. 31, halving its adjusted loss of $0.44 per share a year earlier and beating Street expectations of a loss of $0.34 per share. Revenue grew 21% year-over-year to $378.5 million, also exceeding the $367.8 million Street view.

HP (HPQ) shares climbed 10%, setting a record high of $36.20 a share, after the computer manufacturer reported non-GAAP Q4 net income of $0.94 per share, from $0.62 per share a year earlier and beating the analyst consensus by $0.06 per share. Revenue increased 9.3% year-over-year to $16.7 billion, also topping the $15.42 billion analyst mean.

Pure Storage (PSTG) shares gained more than 13%, earlier surging almost 17% to a best-ever $31.88 a share, after the data storage provider reported Q3 results and projected Q4 revenue above analyst estimates. Excluding one-time items, it earned $0.22 per share, up from $0.01 per share a year earlier, as revenue increased 37% over year-ago levels to $562.7 million. The average analyst estimates in a Capital IQ poll called for adjusted earnings of $0.12 per share on revenue of $530.6 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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