Sector Update: Tech Stocks Still Extending Afternoon Gains

Monday, October 28, 2019 3:55 PM | MT Newswires

Top Tech Stocks

MSFT +2.39%

AAPL +0.93%

IBM +0.38%

CSCO +0.82%

GOOG +2.50%

Technology stocks were finishing near their session highs this afternoon, with the shares of tech stocks in the S&P 500 climbing over 1.2% while the Philadelphia Semiconductor Index was rising more than 1.7%.

Among technology stocks moving on news:

(-) Fitbit (FIT) raced over 30% higher following reports tech conglomerate Alphabet (GOOG,GOOGL) Monday was preparing a buyout offer for the wearable device-maker. Reuters said the price for a prospective deal has not yet been determined, with sources also telling the news service there is no certainty the talks will lead to an acceptable bid.

In other sector news:

(+) Spotify Technology (SPOT) rose almost 16% after the Swedish music streaming platform reported a surprise Q3 profit, earning EUR0.36 per share, up from EUR0.23 euro per share during the same quarter last year and blowing past the Capital IQ consensus expecting a EUR0.29 per share net loss. Net sales jumped 27.4% to EUR1.73 billion euros during the three months ended Sept. 30 over year-ago levels, also exceeding the EUR1.72 billion Street view.

(+) ON Semiconductor (ON) was posting a 10% advance late Monday after the chipmaker reported a 10% drop in revenue compared with the year-ago period, falling to $1.38 billion, but still matching the Capital IQ consensus for the three months ended Sept. 30.

(-) AVX Corp (AVX) today dropped 4.5% after the electronic components manufacturer reported fiscal Q2 net income of $0.20 per share, more than halving its $0.43 per share profit during the year-ago period and missing the Capital IQ consensus for the three months ended Sept. 30 by $0.04 per share. Net sales declined 17.3% from the same quarter last year to $377.3 million, trailing the $384.9 million Street view.

Price: 5.61, Change: +1.30, Percent Change: +30.28

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