Sector Update: Tech Stocks Posting Gains on Mixed Day for Market Overall

Thursday, November 19, 2020 1:24 PM | MT Newswires

Technology stocks were advancing Thursday, with the SPDR Technology Select Sector ETF climbing 0.3% in value while the Philadelphia Semiconductor Index was rising 0.5% this afternoon.

In company news, Phoenix New Media (FENG) raced almost 49% higher after the internet content company Thursday authorized a special cash dividend of $1.3712 per American depositary share, payable on Dec. 22 to investors of record on Dec. 4. It also approved around $9 million in special cash compensation for the company's option holders.

Sonos (SONO) rose nearly 27% after the consumer electronics company late Wednesday reported fiscal Q4 results exceeding Wall Street estimates and projected above-consensus FY21 sales in addition to authorizing a $50 million stock buyback program. Excluding one-time items, it earned $0.33 per share during the three months ended Oct. 3 on $339.8 million in Q4 sales, beating the consensus view expecting a $0.15 per share adjusted profit on $298.7 million in sales.

NVIDIA (NVDA) declined fractionally after Q3 gross margin for the chipmaker fell to 62.6% from 63.6% during the same quarter last year and trailed the Capital IQ consensus expecting 65.4%, upstaging better-than-expected net income and revenue for the three months ended Oct. 25.

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