- The tech sector is creaking under the strain of Susquehanna cuts and the Nasdaq’s 1.4% drop. The tech-heavy Nasdaq 100 is pulling down Facebook (NASDAQ:FB) -0.8%, Apple (NASDAQ:AAPL) -1.1%, Amazon (NASDAQ:AMZN) -2.6%, and Google (NASDAQ:GOOGL) -1%.
- The Technology Select Sector SPDR Fund (NYSEARCA:XLK) is down 1.5%, S&P 500 IT Index is down 1.4%, and the Philadelphia Semiconductor Index is down 1% compared to the 1.4% drop for the S&P 500.
- Semiconductors: Semis fall as the Susquehanna cuts hit AMAT -0.6% and Micron -2.3% while Lam Research (NASDAQ:LRCX) recovered +1%. Nvidia -3.8% drops on its target cut at UBS and on the general Nasdaq weakness. Texas Instruments (NASDAQ:TXN) -1.1% is down ahead of today’s aftermarket earnings report.
- Hardware: Susquehanna’s note also hits hardware with NetApp (NASDAQ:NTAP) -4.8% and Seagate -1.6% among the decliners. HP -1.8% gets a sympathy drop despite this morning’s EU acquisition approval.
- Network and Communications: Lumentum -4.6% and Finisar -2.4% are potentially still feeling the pressure from yesterday’s downside Coherent guidance, despite mentions in Stifel initiations this morning.
- Software: Cadence Design Systems +12.7% continues to gain on yesterday’s earnings report, but Microsoft (NASDAQ:MSFT) -2.2% feeling the Nasdaq pressure helps erase the bump.
- Earnings aftermarket today: Texas Instruments, Juniper Networks (NYSE:JNPR), Teradyne, and LG Display.
- Earnings premarket tomorrow: AT&T (NYSE:T), STMicroelectronics, Automatic Data Processing, Check Point, Wipro, and Dassault Systems.
- Related broad tech ETFs: VGT, TECL, FTEC, IYW, ROM, QTEC, RYT, FNG, TECS, IGM, FXL, XNTK, REW, JHMT, XITK.
- Top stories from the morning:
- Previously: Nvidia -5.6% on UBS target cut, Nasdaq pains (Oct. 23)
- Previously: Coherent dips 6.7% on lower preliminary Q4 results (Oct. 22)
- Previously: B. Riley cautious on II-VI, Fabrinet after Coherent drop (Oct. 22)
- Previously: Cadence Design +8.3% on Q3 beats, upside guide (Oct. 22)
- Previously: Stifel resumes tech names, says Buy to Lumentum (Oct. 23)
- Previously: Arista launches two new 400G platforms (Oct. 23)
- Previously: Lam Research, AMAT down as Susquehanna cuts semi-cap names (Oct. 23)
- Previously: Enterprise hardware and memory stocks fall on Susquehanna cuts (Oct. 23)
- Previously: EU approves HP's Apogee acquisition (Oct. 23)
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Original article