Top Tech Stocks
Technology stocks turned sharply lower just ahead of Tuesday's closing bell, with shares of tech companies in the S&P 500 losing over 1.3% in value today while the Philadelphia semiconductor index put up a nearly 1.8% decline.
Among technology stocks moving on news:
+ Methode Electronics ( MEI ) advanced Tuesday, pushing out to a 1.5% gain and a session high of $42.10 a share, after the electronic components manufacturer late Monday said it was promoting Ronald Tsoumas to chief financial officer, effective immediately and succeeding John Hrudicka, who left the company to pursue outside opportunities. Tsoumas previously has worked in several financial management roles at the company, including a stint as its corporate controller and treasurer.
In other sector news:
+ Spherix ( SPEX ) was surging Tuesday, jumping over 86% to a session high of $2.42 a share, after the technology development company announced its acquisition of privately held DatChat. Financial terms of the transaction for the personal privacy platform focused on encrypted communications were not disclosed. Closing of the acquisition remains subject to shareholder approval and other customary conditions.
- China Information Technology ( CNIT ) was almost 1% lower in mid-day trading, recovering somewhat from a nearly 3% decline earlier in Tuesday's session, that followed the internet services company saying it received a new $500,000 contract to install 1,500 of its cloud-based advertising terminals in office buildings and residential communities throughout Hezhou, a city in the Guangxi Autonomous Region connecting three provinces. The company Tuesday also reiterated its forecast of selling another 120,000 of its cloud-based ad terminals during 2018 in around 100 cities and reaching a potential 200 million people throughout China.
- Qualcomm's ( QCOM ) tumbled almost 6% lower on Tuesday, sliding to a session low of $59.14 a share, after Broadcom's ( AVGO ) proposal takeover of the specialty chipmaker was blocked by President Doanald Trump, citing "credible evidence" the deal "threatens to impair the national security of the United States. In a statement, Broadcom last night said it was reviewing the order, adding it "strongly disagrees that its proposed acquisition of Qualcomm raises any national security concerns." Qualcomm ( QCOM ) also confirmed receiving the presidential order, which comes more than a month after Broadcom issued its "best and final" offer of $82 a share for Qualcomm, consisting of $70 in cash and $12 in Broadcom stock for each Qualcomm share.