Sector Update: Tech Stocks Continue Friday Retreat

Friday, August 7, 2020 3:50 PM | MT Newswires

Technology stocks weighed on the broader Friday markets, with the SPDR Technology Select Sector ETF losing 1.6% in value while the Philadelphia Semiconductor Index also was sinking 1.7% this afternoon.

In company news, Twilio (TWLO) was 5% lower in late Friday trading after the cloud communications company priced a $1.25 billion public offering of 5.06 million Class A common shares at $247 apiece, or 5.2% under Thursday's closing price. Net proceeds will fund general corporate purposes, including potential acquisitions, refinancing or repaying existing debt, working capital and stock buybacks.

GoPro (GPRO) dropped nearly 12% after the company reported a non-GAAP Q2 net loss per share of $0.20, reversing a $0.03 profit during the year-ago period and missing the Capital IQ consensus expecting a $0.16 loss for the the digital camera company, excluding one-time items.

Datadog (DDOG) tumbled over 16% after the analytics and monitoring company late Thursday announced its acquisition of privately held workflow testing and observability company Undefined Labs for an undisclosed amount, upstaging better-than-expected Q2 results and strong FY20 outlook. The deal is expected to expand DataDog's developer offerings, the company said.

Among gainers, Conduent (CNDT) surged more than 82% after the transaction analytics firm reported non-GAAP Q2 net income of $0.12 per share on $1.02 billion in revenue, exceeding estimates for a $0.05 loss on $925.50 million in revenue.

Share this article:

Related Companies

Upgrade to Premium and Analyze Stocks Like a Pro

50% Off All Subscriptions
InvestorsObserver Premium
InvestorsObserver Premium
InvestorsObserver Premium
Save up to 65% with annual

InvestorsObserver Premium

$ 20.75 $ 10.38 /month
$249 $124.50 billed annually

You May Also Like

Related Articles

Is Mitek Systems, Inc. (MITK) Stock Near the Top of the Software - Application Industry?

Should You Buy Nice Ltd (NICE) in Software - Application Industry?

Where Does Accenture Plc (ACN) Stock Fall in the Information Technology Services Field?

Is Zscaler Inc (ZS) a Winner in the Software - Infrastructure Industry?

Is Canon Inc (CAJ) Stock Worth a Buy Monday?

Sector Update: Health Care Stocks Rising But Lag Most Other Sectors

Related Companies