Sector Update: Intel, Other Chipmakers Lift Tech Stocks

Friday, October 25, 2019 3:52 PM | MT Newswires

Top Tech Stocks

MSFT +0.41%

AAPL +0.90%

IBM +1.01%

CSCO +1.20%

GOOG +0.29%

Technology stocks firmed during Friday trade, supported by chipmaker Intel (INTC) late Thursday posting Q3 net income and revenue easily outpacing Wall Street forecasts. At last look, the shares of tech stocks in the S&P 500 were climbing almost 1.2% while the Philadelphia Semiconductor Index was rising slightly more than 2.0%.

Among technology stocks moving on news:

(+) SPS Commerce (SPSC) was ahead over 7% after the software firm Friday reported non-GAAP Q3 net income of $0.33 per share, improving on a $0.26 per share adjusted profit during the same quarter last year and beating the Capital IQ consensus by $0.05 per share. Revenue rose 12.7% over year-ago levels to $70.9 million, also exceeding the $70.1 million analyst mean.

In other sector news:

(-) Cypress Semiconductor (CY) was fractionally lower. The maker of embedded system solutions reported Q3 revenue exceeding Wall Street expectations. Revenue fell 8.8% to $574.5 million during the three months ended Sept. 30 but still topped the Capital IQ consensus looking for $570.7 million.

(-) First Solar (FSLR) dropped 6% after late Thursday reporting Q3 net income of $0.29 per share on $546.8 million in revenue, lagging the Capital IQ consensus expecting a $1.11 per share profit on $995 million in revenue. Separately, utility Dominion Energy Friday announced its purchase of a 72-megawatt solar facility now under construction in South Carolina from First Solar.

(-) Vocera Communications (VCRA) fell nearly 21% on Friday. The networking equipment company reported non-GAAP Q3 net income of $0.23 per share, up from $0.20 per share during the year-ago period and beating the Capital IQ consensus by $0.04 per share.

Price: 52.25, Change: +3.50, Percent Change: +7.18

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