Technology Sector Update for 01/17/2020: NICE,AMD,INTC,SNAP,PRGS

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

Top Tech Stocks

MSFT +0.36%

AAPL +0.70%

IBM -0.05%

CSCO -0.11%

GOOG +1.72%

Technology stocks extended their prior gains in afternoon trading, with the shares of tech stocks in the S&P 500 Friday advancing 0.5% while the Philadelphia Semiconductor Index also was rising 0.5%.

Among technology stocks moving on news:

(+) NICE (NICE) turned lower in late Friday trade, backing away from a 3% rise to a best-ever $181.55 per share earlier in the session that followed the company saying it has added cryptocurrency intelligence and blockchain security tools to its NICE Actimize financial crime and compliance software platform. With the addition of the CipherTrace financial tools, NICE Actimize now has nearly 40 partner companies supplying various solutions.

In other sector news:

(+) Snap (SNAP) climbed nearly 5% on Friday following a UBS upgrade of the camera applications company to buy from neutral previously along with a 50% increase in its price target on the company’s stock to $24.

(+) Progress Software (PRGS) rose 3% after late Thursday reporting better-than-expected Q4 financial results and guided net income and revenue for the current Q1 ending Feb. 29 exceeding Wall Street estimates. The networking and productivity software firm also said it has hired former Carbonite chief financial officer Anthony Folger to be its new CFO, succeeding Paul Jalbert who will retire on Jan. 31.

(+) Advanced Micro Devices (AMD) was 2% higher in heavy Friday volume after the chipmaker said it hired former Intel (INTC) executive Daniel McNamara to be general manager of its server business unit. AMD also announced several internal promotions to bolster its CPU core and systems, graphics and data center units as well as its Chinese and overall business operations.

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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