Technology Sector Update for 04/16/2018: PSTG,CNIT,IPAS,QCOM,NXPI

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Technology stocks advanced on Monday, with shares of tech companies in the S&P 500 adding about 0.9% in value today while the Philadelphia semiconductor index was posting a nearly 0.3% gain.

Among technology stocks moving on news:

+ Pure Storage ( PSTG ) was more than than 4% higher in late Monday trade, drifting about 1 percentage points off its prior session high and after analysts at Deutsche Bank began coverage of the data storage company with a Buy investment recommendation and a $24 price target. The move follows several investment banks - including Deutsche Bank, together with J.P. Morgan, Morgan Stanley and Barclays Capital - recently signing on as underwriters for an upsized $500 million private placement of the company's 0.125% convertible senior notes due 2023. The underwriters for the April 5 offering also received an option to buy up to $75 million of the notes.

In other sector news:

+ iPass ( IPAS ) rose over 5% on Monday after the global mobile connectivity company announced a seven-figure deal with Lycamobile, providing global Wi-Fi to the mobile virtual network's monthly plan customers through a white-labelled version of its iPass SmartConnect.

+ China Information Technology ( CNIT ) was almost 2% higher in Monday mid-day trading, staying near its session high, after the internet-based ad display terminal company said it has received a $1.6 million follow-on contract from Anhui Taoping culture and Media for 5,000 of its cloud-based elevator ad terminals throughout Anhui province in China. CNIT chief executive Jianghuai Lin also said the company is expecting to sell another 120,000 terminals throughout China by the end of the year, reaching an estimated 200 million people in 100 cities.

- Qualcomm ( QCOM ) was declining Monday following reports the chipmaker will need to refile an antitrust application with Chinese regulators for its proposed $44 billion takeover of NXP Semiconductors ( NXPI ). Qualcomm withdrew its previous application on Saturday following a request from China's commerce ministry, sources said.

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: PSTG , IPAS , QCOM , NXPI

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