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

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Top Tech Stocks

MSFT +0.54%

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Technology stocks were firming shorting before Tuesday's close, with the shares of tech stocks in the S&P 500 adding almost 0.5% in value despite a nearly 1.2% drop for the Philadelphia Semiconductor Index.

Among technology stocks moving on news:

(-) Maxar Technologies ( MAXR ) slid over 37% to an all-time low of $5.04 a share on Tuesday after analysts at Credit Suisse cut their investment rating for the geospatial data and analysis company to underperform from neutral previously and also trimmed their price target for the company's stock by $1.12 to $5.88 a share.

In other sector news:

(+) Cree ( CREE ) climbed 6% 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 ).

(+) The Meet Group ( MEET ) was hanging on to a 8.5% gain on Tuesday after the mobile social entertainment company said it was expecting to generate around $52.3 million in Q4 revenue, topping the high end of its previous forecast range looking for $47.8 million to $48.8 million for the three months ended Dec. 31 and also exceeding the $49.8 million analyst mean.

(-) Gridsum Holding ( GSUM ) was over 6% lower on Tuesday after the Chinese data analysis company said 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, 2018, 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: MAXR , CREE , STM , MEET , GSUM

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