Technology stocks were weighing on the broader US markets, with the shares of tech companies in the S&P 500 sinking almost 0.9% this afternoon in value while the Philadelphia Semiconductor Index was falling nearly 2.8% after chipmaker Broadcom (AVGO) cut its FY19 revenue forecast below Street views.
Among technology stocks moving on news:
(-) Finisar (FNSR) was off nearly 2% in afternoon trade, retracing most of its earlier retreat. The networking equipment said its fiscal Q4 earnings grew to $0.27 per share, excluding one-time items, compared with a $0.05 per share adjusted profit during the same quarter last year and beating the Capital IQ consensus. Finisar also said it would not hold a conference call and said it would not provide a forward outlook, citing its upcoming purchase of optoelectronic components manufacturer II-VI (IIVI).
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In other sector news:
(+) Facebook (FB) rose nearly 2% on Friday following a Wall Street Journal report that its GlobalCoin cryptocurrency already has won support from more than a dozen technology and payments companies ahead of its formal debut next week. Investors include Visa (V), Mastercard (MA), PayPal (PYPL) and Uber (UBER), according to the Journal, each putting up about $10 million.
(-) Broadcom (AVGO) was down 6.5% this afternoon after the chipmaker reported a 10% revenue increase over year-ago levels, rising to $5.52 billion during its Q2 ended May 5 but still trailing the $5.69 billion Capital IQ consensus. It also cut its FY19 revenue projection by $2 billion from its prior outlook to around $22.5 billion, also missing the $24.3 billion analyst mean.