Tech lunch break: Semis break the sector's stride

|By:, SA News Editor

The tech sector is keeping pace with the broader market today with the exception of semiconductors. The Technology Select Sector SPDR Fund (NYSEARCA:XLK) is up 0.53%, the S&P 500 IT Index is down 0.55%, and the Philadelphia Semiconductor Index is down 1% compared to the 0.6% gain for the S&P 500.

Services: PayPal +8% gets a boost from its consensus beating Q3 report, which mentioned weak eBay -9.4% gross merchandise value that led to a downgrade.  ADS slips -2.3% as it gives up yesterday’s capital return gains.

Software: Pivotal Software +3% leads after a Wedbush start at Outperform. DocuSign -9.4% feels pressure from its Wedbush initiation at Neutral and next week’s lock-up expiration. Atlassian -10.7% drops despite reporting a Q1 beat with strong guidance.

Hardware: Apple +1% leads higher on news of an October 30 launch event expected to include new iPads and MacBook Airs.

Semis: AMD -6.5% presses down after it was started at Sell and takes Intel -2.1% (and much of the semi industry) down with it.

Related broad tech ETFs: XLK, VGT, TECL, FTEC, IYW, ROM, QTEC, RYT, FNG, TECS, IGM, FXL, XNTK, REW, JHMT, XITK

Top tech stories from yesterday afternoon and this morning:

Previously: Alliance Data +3.1% in premarket as Q3 EPS beats on strong card services (Oct. 18)

Previously: Atlassian -6% despite Q1 beat and strong guidance (Oct. 18)

Previously: Stifel cuts eBay on weak Q3 GMV; shares -4% (Oct. 19)

Previously: PayPal gains 8.1% after after Q3 beat, BTIG's Venmo-based upgrade (Oct. 19)

Previously: DocuSign down on Wedbush Neutral start, upcoming lock-up expiration (Oct. 19)

Previously: Wedbush starts Pivotal at Outperform on subscription growth (Oct. 19)

Previously: Apple sets Oct. 30 event likely to feature iPads, Macs (Oct. 18)

Previously: Apple gets Street-high $310 price target from Wedbush (Oct. 18)

Previously: AMD -2.4% on new Sell rating (Oct. 19)

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