Top Tech Stocks
Technology stocks were ending near their session lows, with shares of tech companies in the S&P 500 losing almost 1.2% in value today while the Philadelphia semiconductor index was posting a more than 1.4% decline.
Among technology stocks moving on news:
- Intel ( INTC ) was set to finish Tuesday trading with a 2% decline and the hardware giant disclosing plans to enlarge its production operations in Israel, with the Israeli government expecting the company will invest around $5 billion for the project. The new investment will upgrade the company's Kiryat Gat manufacturing plant in southern Israel, a report from Reuters cited the company as saying. Israel's Finance Ministry was also cited as saying in the news report that the company would invest the money over 2018-2020.
In other sector news:
+ Gilat Satellite Networks ( GILT ) was more than 3% higher on Tuesday after reporting adjusted Q1 net income of $0.07 per share, more than doubling its $0.03 per share profit during the same quarter last year. Total revenue grew to $67.4 million from $63.9 million during the year-ago period. Analyst estimates were not available for comparison.
+ Twilio ( TWLO ) was edging higher on Tuesday, backing down from a nearly 2% gain earlier in the session that followed the cloud communications saying it has priced an upsized $475 million private placement of convertible senior notes due 2023, up from its original plans to offer $435 million of the notes. Twilio also provided underwriters with a 13-day option to buy up to $75 million more of the notes to cover potential overallotments. The notes will carry a yearly coupon of 0.25% and can be converted into common Twilio stock at $70.90 per share.
- Vodafone Group ( VOD ) dropped to a 13-month low on Tuesday, retreating almost 5% to its worst price since April 2017 after the compay said Vittorio Colao will step down as chief executive officer following a 10-year stint and will be replaced in the post by chief financial officer Nick Read. Separately, Vodafone reported Vodafone Group ( VOD ) reported FY18 per-share earnings of EUR0.09, or $0.11 per share, reversing a EUR0.23 per share net loss during the prior quarter last year and which beat the Capital IQ consensus by EUR0.02 per share. Revenue slid to EUR46.57 billion from EUR47.63 billion last but also exceeded the EUR46.14 billion analyst mean.