Technology Sector Update for 01/23/2020: STM,HPQ,XRX,EMAN,CTXS

Technology Sector Update for 10/14/2019: YNDX, GOOG, GOOGL, DOX, MSFT, AAPL, IBM, CSCO

Top Tech Stocks

MSFT +0.33%

AAPL +0.37%

IBM -0.64%

CSCO -0.08%

GOOG +0.21%

Technology stocks added to their mid-day gains Thursday afternoon, with the shares of tech stocks in the S&P 500 rising almost 0.4% while the Philadelphia Semiconductor Index also was ahead 0.7%.

Among technology stocks moving on news:

(+) STMicroelectronics (STM) climbed over 5% after the chipmaker reported non-GAAP Q4 net income of $0.43 per share, slipping from a $0.46 per share profit during the same quarter last year but still beating the Capital IQ consensus expecting $0.37 per share. Revenue rose 3.8% year-over-year to $2.75 billion, also exceeding the $2.69 billion Street view.

In other sector news:

(+) eMagin (EMAN) advanced more than 32% higher after the organic light-emitting diode company said it was expecting to report between $7.1 million and $7.3 million in Q4 revenue, rising as much as 34% over year-ago levels and straddling the Capital IQ consensus looking for $7.2 million in revenue by the company during the three months ended Dec. 31.

(+) Citrix Systems (CTXS) climbed 7.5% after Stifel Nicolaus increased its price target for the networking and analytics software firm by $15 to $115 a share and reiterated a hold recommenation for the company’s stock following its earnings results.

(+) HP (HPQ) was nearly 1% higher after Xerox (XRX) Thursday announced plans to nominate 11 director candidates to replace the current HP board, confirming an earlier report by the Wall Street Journal. Xerox CEO John Visentin said HP stakeholders support his company’s acquisition bid, believing the deal will produce “tremendous value.” HP again said the buyout offer “significantly undervalues” the company and that there was no reason for more discussions.

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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