The S&P 500 Information Technology Sector Index oscillated between gains and losses in intraday trading Wednesday, rising just 0.1% as of 2 p.m. ET. The broader S&P 500 index fell 0.1%, and the tech-heavy Nasdaq index fell 0.3%.
Uber Technologies (UBER) stock fell as the ride-hailing company’s total bookings fell short of expectations, but Reddit (RDDT) fell after the social media platform posted strong earnings in its first earnings report since going public. )’s stock price rose. Intel (INTC) stock fell after the chipmaker changed its policy after Washington revoked a sales license to a Chinese company believed to be Huawei.
Uber bookings miss the mark, investment fees lead to net loss
Estimates compiled by Visible Alpha show ride-hailing company Uber Technologies Inc.’s gross bookings totaled $37.7 billion in the first quarter, up from $31.4 billion in the same period a year earlier, but lower than analysts’ expectations of $38.02 billion. As a result, Uber Technologies stock fell more than 8% to $64.32. Uber was hit by a slowdown in demand in Latin America, as well as the early start of the Easter and Ramadan holidays. Uber posted a net loss after reporting hundreds of millions of dollars in charges related to the revaluation of its investments.
Reddit announces better-than-expected results in first earnings report since IPO
Reddit shares rose to a increased by nearly %. Reddit also reported record user traffic, boosting its outlook for the quarter.
Intel revises guidance following US ruling against chip sales to China
Intel shares fell nearly 3% after the semiconductor maker announced that its revenue for the current quarter would be below the midpoint of its initial estimate of $12.5 billion to $13.5 billion. Intel denounced the Commerce Department’s ruling that it must immediately stop selling chips to Chinese customers. Intel did not reveal the company name, but financial times Intel and Qualcomm (QCOM) have been told to stop sales to Chinese telecommunications giant Huawei.
