Top Tech Stocks
Technology stocks were well above their mid-day lows in late trade, with the shares of tech stocks in the S&P 500 sliding more than 0.6% lower while the Philadelphia Semiconductor Index also was sinking almost 1.3%.
Among technology stocks moving on news:
(-) Dropbox ( DBX ) declined more than 12% on Friday after paid user growth for the work-collaboration software firm dropped to its slowest pace since the company’s March 2018 IPO. Revenue per paying user averaged $120.48 during the three months ended June 30, representing a 3.3% increase over the same quarter last year, the company said, although that narrowly lagged the analyst consensus expecting a Q2 rise to $120.80 per user, according to polling by Thomson Reuters’ Refinitiv unit.
In other sector news:
(+) Appian ( APPN ) climbed 18% to a new, all-time high of $51 a share after posting a $0.10 per share loss for its Q2 ended June 30, improving on a $0.14 per share loss during the same quarter last year and beating the Capital IQ consensus expecting a $0.17 per share net loss. Revenue rose 12% year-over-year to $66.9 million, also exceeding the $63.4 million Street view.
(-) Activision Blizzard ( ATVI ) fell 2.6% on Friday after issuing Q3 and FY19 forecasts trailing Wall Street expectations. The video-content company is projecting a $0.20 per share non-GAAP Q3 profit on around $1.11 billion in sales, well under the Capital IQ consensus looking for $0.40 per share and $1.35 billion in revenue. It also is anticipating FY19 non-GAAP EPS of $2.02 and $6.19 billion in sales. The Street is at $2.15 per share and $6.36 billion, respectively.
(-) DXC Technology Company ( DXC ) fell 33% to a more than three-year low of $34.61 a share after late Thursday reporting a decline in fiscal Q1 net income to $0.61 per share from $0.78 per share last year, missing the Capital IQ consensus expecting a $0.93 per share GAAP profit and prompting a KeyBanc downgrade of the IT services company to sector weight from overweight. RBC Capital Markets Friday also cut its price target for DXC Technology shares by $8 to $67.
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