Technology Sector Update for 05/06/2019: PD,ACIA,SPNS,CAMT

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Top Tech Stocks

MSFT -0.48%

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IBM +0.31%

CSCO -0.41%

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Technology stocks retreated Monday after a weekend tweat by US President Trump reignited market worries over a trade war with China. At last look, the shares of tech stocks in the S&P 500 were dropping over 0.6% in value while the Philadelphia Semiconductor Index was falling almost 1.7%.

Among technology stocks moving on news:

(+) PagerDuty ( PD ) rose over 6% on Monday after RBC Capital Markets began analyst coverage of the software firm with a sector perform rating while also assigning a $47 price target for the stock. In a new research note, RBC described the company as a "disruptive" vendor and estimated its total addressable market could reach as much as $25 billion.

In other sector news:

(-) Sapiens International ( SPNS ) fell 4%. The Israeli software firm Monday reported non-GAAP Q1 net income of $0.17 per share, improving on $0.13 per share during the same quarter last year and beating the Capital IQ consensus by $0.02 per share.

(-) Acacia Communication ( ACIA ) was down 5% this afternoon. Bank of America Merrill Lynch Monday said it was upgrading its stock rating for the networking equipment manufacturer to neutral from underperform previously.

(-) Camtek ( CAMT ) tumbled over 3% Monday afternoon. The specialty chipmaker said its adjusted Q1 earnings rose to $0.18 per share from $0.12 per share last while revenue increased 24.5% year-over-year to $34 million, matching Wall Street estimates on both sides of the ledger.

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: PD , SPNS , ACIA , CAMT

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