Top Tech Stocks
Technology stocks were declining late Friday, with the SPDR Technology Select Sector ETF falling 1.8% although the Philadelphia Semiconductor Index was down only 0.2%.
Among technology stocks moving on news:
(-) Apple (AAPL) was nearly 7% lower this afternoon, matching its morning advance that followed reports the tech giant will begin mass production of its new 5G-enabled iPhone 12 in May ahead of a planned launch this fall. The Bloomberg report notes that while not all of Apple’s supply chain was fully operational yet, primary supplier Foxconn may resume normal operations by the end of March.
In other sector news:
(+) CrowdStrike (CRWD) climbed over 17% after the cyber-security company late Thursday significantly narrowed its Q4 net loss compared with year-ago levels, also topping Wall Street forecasts following an 89% year-over-year increase in revenue. Adjusted net loss for the three months ended Jan. 31 was $0.02 per share, improving on a $0.60 per share loss during the same quarter last year and beating the Capital IQ consensus expecting an $0.08 per share non-GAAP net loss. Revenue rose to $152.1 million from $80.5 million last year, also exceeding the $137.8 million analyst mean.
(+) EPAM Systems (EPAM) rose 1% after the software development company announced its purchase of privately held Deltix, which operates a real-time computing lab focused on capital market and foreign currency trading, risk and market data. Financial terms were not disclosed.
(-) Facebook (FB) has turned 2% lower this afternoon amid reports the social network company is exploring a new Instagram feature that makes text messages disappear after the application is closed much like Snapchat’s (SNAP) messaging platform. The new feature is still in its early stages of development, according to a tweet by reverse engineering specialist Jane Manchun Wong, who discovered it when she stumbled upon the “speak-no-evil” monkey emoji in the code of the Android app.
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