Top Tech Stocks
MSFT -0.03%
AAPL +0.96%
IBM -1.02%
CSCO +0.03%
GOOG -0.24%
Technology stocks eased slightly from their prior gains, with the shares of tech stocks in the S&P 500 adding over 0.3% while the Philadelphia Semiconductor Index was rising more than 0.5%.
Among technology stocks moving on news:
(-) Dell Technologies (DELL) fell over 5% after the information-technology equipment company late Tuesday reported a 1.3% increase in GAAP Q3 revenue compared with year-ago levels, rising to $22.8 billion during the three months ended Nov. 1 but still trailing the $23.03 billion analyst mean.
In other sector news:
(+) AVX (AVX) soared 36.5% higher after majority owner Kyocera offered to buy the 28% of the electronics manufacturer’s stock it doesn’t already own for $19.50 per share in cash, representing a 29.7% premium over Tuesday’s closing price. A special committee at AVX is reviewing the proposal, Kyocera said, adding there is no assurance that a transaction will take place.
(+) Box (BOX) rose almost 10% after the cloud content management company late Tuesday reported Q3 revenue exceeding analyst estimates and projected revenue for the current quarter also beating Wall Street forecasts. Revenue grew 14% over year-ago levels to $177.2 million, topping the Capital IQ consensus looking for $174.4 million in revenue for the three months ended Oct. 31.
(-) Intel (INTC) was nearly 1% lower Wednesday afternoon. The chipmaker and other US tech giants reportedly contributed components and expertise to China’s surveillance state, including in Xinjiang, the western province where authorities are building an all-seeing network to monitor Muslims and other ethnic minorities. The companies – Hewlett Packard Enterprise (HPE), Seagate (STX) and Western Digital (WDC), among others, according to the Wall Street Journal – say their products can be used in many ways while complex supply chains restrict their understanding and control over how those products are deployed.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
