Top Tech Stocks
Technology stocks Wednesday turned lower again in late trade, unable to stay on positive ground following several days of steep declines. At last look, shares of tech companies in the S&P 500 were sinking over 0.3% in value today while the Philadelphia semiconductor index was posting a more than 1.7% decline.
In industry news:
Facebook ( FB ) was about 1% higher in late trade, reversing a similarly sized decline earlier Wednesday, after the social networking company said it was making its privacy controls easier for community members to find and use, helping its stock pare a portion of its nearly 18% drop since reports detailing how a political consulting firm used the private information of over 50 million Facebook users to target voters emerged last week. In a post on its website, Facebook chief privacy officer Erin Egan and deputy counsel Ashlie Beringer, said recent events show the company has "much more work to do" to enforce its privacy policies and helping users better understand how their data is used. "It's also our responsibility to tell you how we collect and use your data in language that's detailed, but also easy to understand," the executives said.
Among technology stocks moving on news:
- Amazon.com ( AMZN ) was moving lower again shortly before Wednesday's closing bell, retracing much of a 7% decline earlier in the session that followed reports President Trump was considering potential steps to rein in the e-commerce giant. While noting the White House was "always looking at ways to even the playing field," presidential spokeswoman Sarah Sanders today told reporters, "there is nothing specific on the table at this time." Amazon shares came under assault earlier after sources cited by Axios said President Trump has "wondered aloud if there may be a way to go after Amazon with antitrust or competition law." The president feels that Amazon has "gotten a free ride from taxpayers and cushy treatment from the U.S. Postal Service." Amazon founder and CEO Jeff Bezos also owns the Washington Post newspaper, which Trump believes is often the source of "fake news."
In other sector news:
- Alphabet's Google (GOOGL,GOOG) was narrowly lower in Wednesday trading after the tech conglomerate late Tuesday said it was acquiring Tenor, a mobile startup that provides a tool for searching GIF images. Financial terms weren't disclosed but the company said the new acquisition will continue to operate under the Tenor brand within Google.
- Pareteum's ( TEUM ) got slammed on Wednesday, at one point sinking over 15%, after significantly narrowing its Q4 net loss compared with the final three months of 2016 but still missing the Capital IQ consenus by a wide margin. Net loss for the three months ended Dec. 31 was $0.31 per share net loss compared with a $1.66 per share loss last year and lagging the two-analyst mean looking for an $0.08 per share net loss. Revenue rose to $4.02 million from $3.15 million over the same period, topping the $3.75 million Street view.
- Inpixon ( INPX ) dropped over 10% on Wednesday after filing a mixed-shelf prospectus seeking to raise up to $200 million in gross proceeds from the sale of common and preferred stock, subscription rights and debt securities. After first paying underwriter discounts and other offering expenses, the big-data analytics company expects to spend the net proceeds on general corporate uses, including working capital, potential acquisitions, retiring existing debt or other business opportunities.