Technology Sector Update for 12/13/2019: FB,NVDA,MLNX,ADBE,AVGO – Nasdaq

Top Tech Stocks

MSFT +0.76%

AAPL +1.26%

IBM -0.88%

CSCO -0.89%

GOOG -0.07%

Technology stocks advanced during Friday trade, with the shares of tech stocks in the S&P 500 climbing almost 0.7%, though the Philadelphia Semiconductor Index was dropping more than 0.5% this afternoon.

Among technology stocks moving on news:

(+) Facebook (FB) fell fractionally Friday following reports the personal financial data of an estimated 29,000 current and former employees were stolen in a Nov. 17 “smash and grab” theft of several unencrypted corporate hard drives from an employee’s car. According to an email message sent Friday to Facebook staff and obtained by Bloomberg, the hard drives taken contained employees’ names, salaries and bank account numbers along with the last four digits of their social security numbers. The stolen drives didn’t include any Facebook user data, a company spokeswoman told the San Jose Mercury News.

In other sector news:

(+) Adobe (ADBE) rose 4.6% after the software company late Thursday reported better-than-expected fiscal Q4 financial results, earning $2.29 per share during the three months ended Nov. 29, excluding one-time items, on $2.99 billion in revenue. Analysts, on average, had been expecting non-GAAP Q4 net income of $2.26 per share on $2.97 billion in revenue.

(+) NVIDIA (NVDA) was fractionally higher after the European Commission website said the chipmaker did not offer any concessions to EU anti-trust regulators investigating its proposed $6.8 billion acquisition of Mellanox Technologies (MLNX). The EU competition authority is scheduled to issue its decision by next Thursday, although it was unclear whether the deal will win unconditional clearance or if the European Commission will launch a full-scale probe.

(-) Broadcom (AVGO) dropped nearly 4% after the chipmaker late Thursday reported a drop in its non-GAAP fiscal Q4 net income compared with year-ago levels to $5.39 per share during the three months ended Nov. 3, excluding one-time items, from $5.85 per share during the same quarter last year. Despite the decline, its adjusted Q4 earnings still topped the Capital IQ consensus by $0.04 per share.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source: https://www.nasdaq.com/articles/technology-sector-update-for-12-13-2019%3A-fbnvdamlnxadbeavgo-2019-12-13

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