Microprocessors, Chipsets and Graphics devices

[JohnCM]

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Sector Update: Tech Stocks, Chipmakers Rise, Supported by Strong Quarterly Earnings, Outlooks

BY MT Newswires
1:51 PM ET 08/19/2021

01:51 PM EDT, 08/19/2021 (MT Newswires) -- Technology stocks were advancing this afternoon, with the SPDR Technology Select Sector ETF (XLK) Thursday rising 1.1% while the Philadelphia Semiconductor Index was 1.0% higher.

In company news, Synopsys ( SNPS ) climbed 8.4% after the automation software firm reported non-GAAP net income per share of $1.81 for its Q3 ended July 31 on $1.06 billion in revenue, improving on year-ago levels and beating the Capital IQ consensus expecting a $1.78 per share adjusted profit on $1.05 billion in revenue.

NVIDIA ( NVDA ) rose 6% after the American chipmaker reported non-GAAP Q2 of $1.04 per share on $6.51 billion in sales, topping Wall Street expectations by $0.02 per share and $170 million, respectively, and also projected Q3 sales above the analyst mean.

Cisco Systems (CSCO) gained 3.2% after the networking equipment company reported non-GAAP net income of $0.84 per share for its fiscal Q4 ended July 31, up from $0.80 per share during the same quarter last year and beating the Capital IQ consensus looking for an $0.83 per share adjusted profit. Revenue increased 8% year-over-year to $13.10 billion, also exceeding the $13.04 billion Street view.