June 20, 2024


Technology Stocks Outperform Microsoft, Alphabet Quarterly Reports

Before Microsoft (MSFT) and Alphabet (GOOG, GOOGL) reported earnings after the close of business on Tuesday, technology stocks were higher. This afternoon, the SPDR Technology Select Sector ETF (XLK) was up 0.5%, while the Philadelphia Semiconductor Index was down 0.2 percent.

CrowdStrike (CRWD) gained 2.9 percent after the data security firm announced new features for its CrowdStrike Falcon platform that will protect Amazon (AMZN) Web Services clients from ransomware attacks. Financial information is no longer available.

Nvidia (NVDA) saw a 6.9% increase in its share price. Piper Sandler raised its fee target for the chipmaker by $35 to $260 per share on Tuesday, while maintaining its obese inventory rating.

Facebook (FB) fell 4.2 percent after reporting lower-than-expected Q3 sales and forecasting Q4 sales that fell short of analyst expectations, overshadowing better-than-expected earnings for the September quarter and increasing its stock repurchase program by $50 billion. The company expects sales in the modern sector to range from $31.45 billion to $34 billion, compared to Wall Street expectations of $34.88 billion for the quarter ending Dec. 31.

Commvault (CVLT) fell more than 19% after the data security company reported non-GAAP internet profits of $0.48 percent on $177.8 million in sales for the fiscal quarter ended Sept. 30, below the Capital IQ consensus of $0.57 percent on $184.88 million in sales.


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