Technology Sector Update for 04/13/2018: INFY,QCOM,NXPI,AUTO

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Technology stocks have turned lower again late Friday, giving back a mid-day stay on positive ground. At last look, shares of tech companies in the S&P 500 were sliding over 0.4% lower while the Philadelphia semiconductor index also was posting a nearly 0.8% decline.

Among technology stocks moving on news:

+ Broadcom ( AVGO ) claimed as much as 5% on Friday after the specialty chipmaker late Thursday authorized a new stock buyback program for up to $12 billion of its common stock, running through Nov. 3, 2019, the end of the company's FY19.

In other sector news:

+ AutoWeb ( AUTO ) jumped over 14% higher on Friday after the online car dealer said it has named Jared Rowe as its new chief executive officer, succeeding Jeffrey Coats effective immediately. Rowe, who also becomes president and a director on the Autoweb board, joins the company after more than two decades of management experience across the automotive and marketing industries, including senior positions at FordDirect, Cox Automotive, and Cerberus-backed YP Holdings.

+ Qualcomm ( QCOM ) was up more than 1% on Friday after the specialty chipmaker again extended its tender offer to acquire all of the outstanding shares of NXP Semiconductors ( NXPI ) for another week until April 20. Through the close of business on Thursday, about 16.2% of NXP Semi shares have been tendered, up just 0.2 percentage points over the April 5 total when Qualcomm last extended the tender period.

- Infosys ( INFY ) slumped Friday, falling over 8%, after the Indian technology comglomerate announced its acquisition of Wongdoody, a U.S. creative agency with offices in Los Angeles and Seattle company, for an undisclosed amount. The deal appears to have upstaged better-than-expected fiscal Q4 earnings, with Infosys earning $0.26 per American depository share on a GAAP basis during the January-to-March reporting period, up from $0.24 per ADS last year and beating the Capital IQ consensus by a penny. Revenue rose 9.2% year-over-year to $2.81 billion and the company is projecting it FY19 revenue to increase 7% to 9% this year. It also said it will pay a final dividend of $0.31 per ADS in June followed by a special dividend of $0.15 per ADS.

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: AVGO , AUTO , QCOM , NXPI , INFY

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