Technology Sector Update for 03/23/2020: GOOGL,GOOG,BB,BB.TO,YEXT,PRFT


Technology Sector Update for 03/23/2020: GOOGL,GOOG,BB,BB.TO,YEXT,PRFT

Top Tech Stocks

MSFT -1.55%

AAPL -4.19%

IBM -1.20%

CSCO -4.24%

GOOG -2.63%

Technology stocks were unable to sustain their mid-day rise, with the SPDR Technology Select Sector ETF falling 1.8% in late trade although the Philadelphia Semiconductor Index still was rising more than 1.8%.

Among technology stocks moving on news:

(-) Alphabet (GOOGL,GOOG) slid 1% after the internet conglomerate this weekend rolled out a new website providing education, prevention and local resources related to the COVID-19 pandemic. Google worked with relevant agencies and authorities on the website, which launched first in the US but will be made available in more languages and countries over the coming days.

In other sector news:

(+) BlackBerry Ltd (BB) was up 2.5%. The company said it was offering additional assistance to businesses building remote working programs at no cost over the next 60 days. In addition to its BlackBerry Desktop platform, the company is offering free access to its SecuSUITE software for secure messaging and phone calls and its BlackBerry AtHoc system unifying and protecting their communications systems.

(-) Yext (YEXT) fell about 8% on Monday after the software firm said it was working with the state of New Jersey to launch an online information hub for COVID-19 using data collected by various state and federal agencies.

(-) Perficient (PRFT) dropped 11%. The digital consulting firm Monday announced its acquisition of Catalyst Networks, which does business as Brainjocks, for an undisclosed amount. Perficient is expecting the deal will immediately boost its non-GAAP per-share earnings and add to its Sitecore intellectual property portfolio.

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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