Technology Sector Update for 12/27/2019: AXE,WCC,CMBM,QTT

Technology Sector Update for 10/14/2019: YNDX, GOOG, GOOGL, DOX, MSFT, AAPL, IBM, CSCO

Top Tech Stocks

MSFT +0.08%

AAPL -0.24%

IBM +0.50%

CSCO -0.10%

GOOG -0.42%

Technology stocks were edging higher, with the shares of tech stocks in the S&P 500 advancing nearly 0.1% on Friday while the Philadelphia Semiconductor Index was slipping almost 0.2%.

Among technology stocks moving on news:

(+) Anixter International (AXE) was 3% higher after the copper and fiber optic cabling company Friday said it was “carefully” reviewing an increased $93.50 per share buyout offer from Wesco International (WCC). Wesco late Thursday added an extra $3.50 to its bid, now offering $63 in cash and 0.2397 of a Wesco share plus $16.65 through a newly created class of perpetual preferred stock for each Anixter share. Private equity investors Clayton, Dubilier & Rice Monday raised its all-cash offer for Anixter by $5 to $86 per share Monday.

In other sector news:

(+) Cambium Networks (CMBM) climbed fractionally on Friday after Raymond James tweaked its price target for the telecommunications infrastructure company by 50 cents to $9.50 a share and reiterated its outperform rating for Cambium shares.

(-) Qutoutiao (QTT) declined 1.5% after the Chinese mobile content company tried to refute allegations of “fake” revenue made by short-sellers Wolfpack Research in a report earlier this month, contending the assertions were based on “numerous factual errors and an overall misunderstanding” of its business. The company also said its cash balance remains strong and totaled more than $300 million on Sept. 30.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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