Technology stocks were extending their Thursday losses this afternoon, with the SPDR Technology Select Sector ETF (XLK) falling 2.1% although the Philadelphia Semiconductor Index was sinking 0.5% in late trade.
In company news, Lumen Technologies (LUMN) was leading declines on the S&P 500 index, dropping nearly 18%, after the cloud-services company eliminated its quarterly dividend following sub-par Q3 results and announcing plans to sell its European, African and Middle Eastern operations to Colt Technology Services for $1.8 billion. Excluding one-time items, it earned $0.14 per share during the September quarter, down from $0.49 per share during the year-ago quarter and trailing the Capital IQ consensus call expecting an adjusted Q3 profit of $0.35 per share.
MKS Instruments (MKSI) dropped almost 12% after the process-control equipment firm projected non-GAAP Q4 net income and revenue trailing analyst estimates for the three months ending Dec. 31. Excluding one-time items, the company is expecting to earn between $1.07 to $1.61 per share on Q4 revenue in a range of $950 million to $1.05 billion. Analysts, on average, are looking for adjusted Q4 net income of $2.19 per share on $1.13 billion in revenue, according to Capital IQ polling.
Qualcomm (QCOM) fell 6.3% after the mobile-phones chipmaker overnight missed Wall Street expectations with its fiscal Q4 earnings and it also guided its Q1 results well under analyst estimates for the current quarter. Excluding one-time items, the company is projecting Q1 earnings in a range of $2.25 to $2.45 per share on between $9.2 billion to $10.0 billion in revenue compared with the Capital IQ consensus expecting $3.43 per share and $12.05 billion, respectively.
Among gainers, Confluent (CFLT) climbed 2% after the data streaming company reported a normalized Q3 net loss of $0.13 per share, improving on a $0.17 per share adjusted loss during the same quarter last year and topping the Capital IQ consensus looking for a $0.17 per share loss. Revenue increased 48% year-over-year, rising to $152 million and also beating the $145.4 million Street view.
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