Technology Sector Update for 06/11/2019: AVGO,AAPL,HRS,LMT,CREE,SYMC

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Technology stocks were mixed shortly before Tuesday's closing bell, with the shares of tech stocks in the S&P 500 rising less than 0.1%, reversing an prior decline, while the Philadelphia Semiconductor Index was rising slightly more than 0.3%.

Among technology stocks moving on news:

(+) Broadcom ( AVGO ) was more than 1% higher after Tuesday announcing a new, two-year deal to supply Apple ( AAPL ) with radio-frequency front-end components and modules for its smartphones, tablets and watches. The company also said it has begun sampling its StrataXGS Trident 4 BCM56880 switch series, delivering faster ethernet switching performance with compiler-programmable packet processing and telemetry.

In other sector news:

(-) Cree ( CREE ) was down more than 1% after the light emitting diode and semiconductor company trimmed its fiscal Q4 revenue forecast in response to US authorities last month restricting transactions with Chinese networking equipment company Huawei. Cree is now projecting between $245 million to $252 million in net sales during its three months ending June 30, down from its prior forecast range issued May 1 expecting $263 million to $271 million and missing the Capital IQ consensus looking for $268.6 million in quarterly sales.

(-) Symantec ( SYMC ) declined nearly 2% after Morgan Stanley lowered its stock rating on the cyber-security company and also cut its price target on the stock by $9 to $14 a share.

(-) Harris Corp ( HRS ) was down over 4% after the communications equipment company Monday night said it delivered the seventh of 10 advanced GPS III satellite navigation payloads for Lockheed Martin (LMT). Harris has provided the navigation technology for every GPS satellite ever launched by the United States since the mid-1970s.

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: AVGO , AAPL , CREE , SYMC , HRS

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