Technology Sector Update for 12/04/2019: DT,GOOG,GOOGL,ZS

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MSFT +0.16%

AAPL +1.29%

IBM +0.29%

CSCO -0.03%

GOOG +1.93%

Technology stocks were climbing in recent trading, with the shares of tech companies in the S&P 500 advancing nearly 0.5% while the Philadelphia Semiconductor Index was rising over 1.5%.

Among technology stocks moving on news:

(-) Dynatrace (DT) dropped over 12% after late Tuesday disclosing plans by Thoma Bravo funds and other early-stage investors in the cloud-security company to sell a combined 27.5 million of their common shares through a public offering. The selling shareholders also provided underwriters with an option to acquire an additional 4.125 million shares to cover potential over-allotments. Dynatrace is not selling any shares.

In other sector news:

(+) Alphabet (GOOG,GOOGL) Wednesday rose almost 2% after co-founders Larry Page and Sergey Brin said they were stepping away from active roles at the technology conglomerate, naming Sundar Pichai as its new president and CEO at both Alphabet and its Google search and advertising subsidiary. Page and Brin – who previously split those duties at Alphabet, respectively – will remain board members and continue to own controlling stakes in the company.

(-) Zscaler (ZS) was down 6.6% after the cloud security company issued an earnings forecast for the current quarter trailing Wall Street expectations. For the three months ending Jan. 31, Zscaler is projecting adjusted net income of about $0.03 per share, lagging the Capital IQ consensus expecting non-GAAP Q2 net income of $0.04 per share.