Technology Sector Update for 01/08/2019: CREE,STM,MEET,GSUM

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Top Tech Stocks

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Technology stocks were higher in recent trading, with the shares of tech companies in the S&P 500 adding 0.4% in value, despite a 1.3% drop for the Philadelphia Semiconductor Index.

Among technology stocks moving on news:

(+) Cree ( CREE ) climbed 5.5% on Tuesday after late Monday announcing a multi-year agreement to supply about $250 million of its advanced Wolfspeed silicon carbide and epitaxial wafers to chipmaker STMicroelectronics ( STM ).

In other sector news:

(+) The Meet Group ( MEET ) was hanging on to a 4.3% gain on Tuesday after the mobile social entertainment company said it was expecting to generate about $52.3 million in Q4 revenue, topping the high end of its previous forecast range looking for $47.8 million to $48.8 million and also exceeding the $49.8 million analyst mean.

(-) Gridsum Holding ( GSUM ) was almost 4% lower on Tuesday after the Chinese data analysis company said on Monday after the close that it was warned by the Nasdaq Stock Market its stock was at risk of being delisted after it failed to file financial results for the six months ended June 30 on time. Gridsum said it filed an interim report for that period as well as financial results for the 12 months ended Dec 31 later on Monday, regaining compliance with Nasdaq rules.

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: CREE , STM , MEET , GSUM

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