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

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Top Tech Stocks

MSFT -2.95%

AAPL -5.81%

IBM -2.75%

CSCO -4.15%

GOOG -3.09%

Technology stocks were falling hard in recent trading, with the shares of tech companies in the S&P 500 falling just over 3.8% while the Philadelphia Semiconductor Index was falling 4.8%.

Among technology stocks moving on news:

(-) Apple ( AAPL ) retreated Monday, sinking about 6.5%, 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.

In other sector news:

(-) 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: AAPL , STM , ZM

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