Top Tech Stocks
Technology stocks slipped Monday, with shares of tech companies in the S&P 500 declining almost 0.1% in value today while the Philadelphia semiconductor index was posting a nearly 1.2% gain.
Among technology stocks moving on news:
+ NXP Semiconducors ( NXPI ) jumped as much as 16% on Monday following reports Chinese regulators have restarted their review of Qualcomm's ( QCOM ) proposed acquisition of the specialty chipmaker. China's Ministry of Commerce has been asked to speed up the long-delayed review of the deal as well as Qualcomm's proposed actions to protect local companies, people familiar with the process told Bloomberg. Chinese companies have voiced concern the combination of Qualcomm and NXP Semi would extend Qualcomm's patent licensing business into areas like mobile payments and autonomous driving, according to the report.The review comes as U.S. President Donald Trump Sunday said in a Twitter post he has been working with China president Xi Jinping to provide mobile phone manufacturer ZTE with "a way to get back into business, fast."
In other sector news:
+ Symantec Corp. ( SYMC ) rose Monday, at one point climbing almost 12% during today's session and erasing about one-third of Friday's 33% decline after the cyber-security company said it will host a conference call today to provide investors and analysts with more information on its internal investigation into the company's financial results and outlook. Symantec spooked Wall Street on Friday after saying an internal audit could delay the company's annual report and hurt financials in the coming quarters. The conference call featuring Symantec CEO Greg Clark and Nick Noviello, the company's chief financial officer, is scheduled to begin at 4:30 p.m. ET.
- Rapid7 ( RPD ) was down almost 2% in recent trading, more than halving a nearly 5% decline earlier in Monday's session, that followed the security analytics company disclosing plans for a secondary offering of 3 million shares of its common stock. The upcoming offering is being authorized under a shelf registration statement and base prospectus declared effective by federal regulators on June 2, 2017. Rapid7 did not immediately identify any of the selling shareholders, explaining it will provide that and other details in a prospectus supplement that will be filed with the Securities and Exchange Commission at a later date.
- Xerox ( XRX ) fell to a record low on Monday, sinking over 10% to a worst-ever $27.11 a share, after Sunday saying it was abandoning the proposed $6.1 billion merger with Fuji Xerox and struck a new settlement deal with activist investors Carl Icahn and and Darwin Deason. The companies in January announced their plans to merge, with the joint ventures' Fujifilm 75% majority owner receiving a 50.1% stake in the combined firms. Icahn and Deason, who together own about 13% of Xerox stock, had opposed the deal. Under the new settlement resolving the proxy contest with Icahn and Deason, Xerox said it appointed, the dissident shareholders will name five new board members to replace five current directors, including CEO Jeff Jacobson, who also stepped down from his position atop Xerox. Following this weekend's events, analysts at JP Morgan cut their investment rating for Xerox to Neutral from Overweight.