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.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

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

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