Technology Sector Update for 05/13/2019: AVNW,STM,ZM,AAPL

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Top Tech Stocks

MSFT -3.02%

AAPL -6.08%

IBM -3.09%

CSCO -4.03%

GOOG -3.04%

Technology stocks fell hard on Monday, with the shares of tech stocks in the S&P 500 dropping over 3.9% in value while the Philadelphia Semiconductor Index was falling more than 4.9%.

Among technology stocks moving on news:

(+) Aviat Networks ( AVNW ) was slightly higher just before the closing bell. The mobile equipment manufacturer said its received orders from a top-5 wireless carrier to provide wireless transport solutions ahead of the customer's 5G rollout in two states. Financial terms were not disclosed.

In other sector news:

(-) Apple ( AAPL ) retreated Monday, sinking about 6%, after the US Supreme Court voted 5-to-4 to allow an antitrust lawsuit against the tech giant to move forward. Monday's opinion upheld an appeals court decision the four iPhone owners who filed the case have standing to sue because they purchased apps for their phones through Apple's App Store. But the high court did not touch on the merits of the case, which contends the company has monopoly power over iPhone users because the only place they can buy those apps legally is run by the company.

(-) STMicroelectronics NV ( STM ) dropped 6.5% this afternoon. The chipmaker Monday said it repurchased 560,408 of its shares last week, paying an average of EUR15.31 per share, or EUR8.58 million overall, through a series of broker-executed trades on the Euronext Paris market. The May 6-10 transactions were authorized under the company's stock buyback program begun last November and represented 0.06% of its outstanding shares.

(-) Zoom Technologies ( ZM ) was down 9% after Credit Suisse Monday began analyst coverage of the networking equipment company with a neutral stock rating and an $80 price target.

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: AVNW , AAPL , STM , ZM

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