Technology Sector Update for 01/28/2020: FFIV,XRX,RMBS

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

Top Tech Stocks

MSFT +1.83%

AAPL +2.49%

IBM +1.07%

CSCO +0.84%

GOOG +1.25%

Technology stocks were recovering in Tuesday trading following their recent declines, with the shares of tech stocks in the S&P 500 advancing over 1.8% while the Philadelphia Semiconductor Index was rising 2.1%.

Among technology stocks moving on news:

(-) F5 Networks (FFIV) declined almost 4% after the cloud applications company projected adjusted earnings for its fiscal Q2 ending March 31 trailing analyst estimates. Excluding one-time items, the company is expecting Q2 net income in a range of $2.14 to $2.17 per share, well under the Capital IQ consensus looking for a $2.42 per share non-GAAP profit.

In other sector news:

(+) Xerox (XRX) climbed 6% after the document-management company earlier Tuesday reported better-than-expected Q4 financial results and also sees its 2020 profit exceeding Wall Street estimates. Excluding one-time items, the company earned $1.33 per share during the three months ended Dec. 31, up from $0.94 per share during the final three months of 2018 and beating the Capital IQ consensus by $0.24 per share.

(-) Rambus (RMBS) fell 1%after the specialty chipmaker late Monday reported a Q4 net loss of $0.09 per share, expanding on a $0.02 per share loss during the same quarter last year and missing the Capital IQ consensus expecting $0.03 per share in net income for the final three months of 2019. Revenue declined 12.6% from the year-ago period to $59.9 million, also trailing the $98.03 million Street view.

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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