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Technology Sector Update for 05/18/2018: PYPL,EBAY,IQV,BIDU


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Top Tech Stocks

MSFT +0.39%

AAPL +0.15%

IBM -0.20%

CSCO -0.59%

GOOG -1.11%

Technology stocks were slightly lower as a group on Friday, with shares of tech companies in the S&P 500 slipping less than 0.2% in value although the Philadelphia semiconductor index recently was posting a more than 0.9% decline.

Among technology stocks moving on news:

+ PayPal Holdings ( PYPL ) rose Friday, at one point climbing over 3% to a session high of $81.94 a share, after the payment technology company and eBay ( EBAY ) spinoff late Thursday said it was buying Swedish in-store payments processor iZettle for $2.2 billion. iZettle operates a commerce platform for small businesses in Europe and Latin America and is expected to generate around $165 million in gross revenue this year. PayPal is expecting the deal will close during the July-to-September quarter, subject to customary closing conditions and regulatory approvals. It expects the deal will likely shave $0.01 per share from its projected non-GAAP FY18 per-share earnings.

In other sector news:

+ IQVIA Holdings ( IQV ) was more than 3% higher Friday afternoon, maintaining most of a more than 4% advance that followed the analytics and contract research company saying it was scrapping a proposed secondary offering and concurrent repurchase of 10 million shares by TPG Funds and the Canada Pension Plan Investment Board, along with two other institutional investors, citing "recent market conditions."

- Baidu ( BIDU ) fell as much as 8% on Friday after saying Qi Lu will retire as chief operating officer at the Chinese internet seach-engine company in July but will continue in his role as vice chairman of the company's board of directors. Lu leaves after only 18 months ago on the job at Baidu.

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: PYPL , EBAY , IQV , BIDU


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