Technology Sector Update for 09/21/2016: AAPL,MSFT,AIRG

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Top Tech Stocks

MSFT +1.70%

AAPL -0.07%

IBM +0.73%

CSCO +0.82%

GOOG +0.68%

Technology stocks continued to build on their earlier gains Wednesday, with shares of tech companies in the S&P 500 posting more than a 1.0% advance.

In company news, Apple ( AAPL ) is discussing a potential purchase of Lit Motors, the New York Times reported today, citing three people with knowledge of the talks to acquire the maker of self-balancing electric motorcycles.

Apple already has hired several former Lit Motors engineers, the sources told the newspaper, adding a deal for Lit Motors could steer Apple into rethinking its strategy of building an electric car.

AAPL shares closed narrowly lower, slipping less than 0.1% to $113.55 each.

In other sector news,

(+) MSFT, Authorizes new buyback program for up to $40 bln of its stock and said it expects to complete current $40 bln authorization by Dec. 31. Also boosts quarterly dividend by 8% over prior distribution to $0.39 per share, payable Dec. 8 to shareholders of record on Nov. 18.

(-) AIRG, Wunderlich downgrade to Hold from Buy after AIRG last night reported a Q2 profit of $0.15 per share, reversing a $1.22 per share net loss in year-ago period. Revenue rises 63% to $9.9 mln, topping Street view by around $160,000.

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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This article appears in: Technology , Commodities
Referenced Symbols: AAPL , MSFT , AIRG


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