Technology Sector Update for 01/22/2019: IPGP, LOGI, TSEM

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Top Tech Stocks

MSFT -1.62%

AAPL -1.25%

IBM -1.33%

CSCO -0.53%

GOOG -1.67%

Technology stocks were falling in recent trading, with the shares of tech companies in the S&P 500 losing more than 1.6% in value, while the Philadelphia Semiconductor Index was declining nearly 2.8%.

Among technology stocks moving on news:

(-) IPG Photonics ( IPGP ) was down almost 4% on Tuesday after the fiber and diode lasers company said it was acquiring the submarine networks division of Brazilian electronics manufacturer Padtec SA. Financial terms of the transaction were not disclosed.

In other sector news:

(+) Logitech International ( LOGI ) was hanging on to a slightly more than 1% gain after reporting non-GAAP fiscal Q3 net income $0.79 per share, improving on a $0.65 per share profit during the same quarter last year and beating the Capital IQ consensus by $0.12 per share.

(-) TowerJazz ( TSEM ) was nearly 2% lower this afternoon, reversing a 1% advance earlier in the session that followed the company announcing a new partnership with privately held Ranix to develop radio-frequency transceivers for use in vehicle-to-everything and electronic toll collection systems.

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: IPGP , LOGI , TSEM

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