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Technology Sector Update for 05/13/2020: TSEM, EGHT, CYBR, XLK, SOXX

Tech stocks were climbing pre-bell Wednesday, with the Technology Select Sector SPDR ETF (XLK) up 0.35% and the Semiconductor Sector Index Fund (SOXX) over 1% higher recently.

Tower Semiconductor (TSEM) was gaining more than 9% in value even as it posted Q1 EPS of $0.16, down from $0.25 recorded a year earlier. Analysts surveyed by Capital IQ had projected $0.17.

8×8 (EGHT) was over 5% lower as it widened its adjusted net loss to $0.12 per share in Q4 from $0.09 per share a year earlier, as revenue increased 29.6% to $121.5 million over the same period. Analysts polled by Capital IQ expected adjusted loss of $0.14 per share on revenue of $119.33 million for the quarter.

CyberArk Software (CYBR) was slipping past 5% after it reported non-GAAP net income per diluted share of $0.50 for Q1, compared with $0.56 during the year-ago quarter. Analysts polled by Capital IQ had expected earnings of $0.37 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.

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