Top Tech Stocks
Technology stocks were firming Tuesday, with shares of tech companies in the S&P 500 adding almost 0.4% in value today while the Philadelphia semiconductor index was posting a nearly 0.5% gain.
Among technology stocks moving on news:
- Microvision ( MVIS ) declined Tuesday, at one point dropping almost 8%, after the miniature projection copmany priced an $18 million public offering of 14.4 million shares of its common stock at $1.25 each, representing a 3.1% discount to Monday's closing price. The company issued a 30-day option to underwriters to buy up to 2.16 million additional shares to cover potential over-allotments. After paying underwriter discounts and other offering expenses, Microvision expects net proceeds of around $15 million prior to any exercise of the over-allotment options. It plans to use the new funds for general corporate purposes as well as for working capital and capital projects.
In other sector news:
+ Acacia Communications ( ACIA ) rose Tuesday after the networking equipment manufacturer reaffirmed its Q2 earnings guidance and said it still was unclear how soon the company could resume selling components to Chinese smartphone-maker ZTE. The US Department of Commerce on Monday detailed its $1.4 billion settlement with ZTE, which was accused of selling phones to North Korea and Iran in violation of international sanctions. Suppliers from the United States have been barred from selling to ZTE since April and the government said the ban will remain in place until the fines are paid and ZTE places $400 million in a bank escrow account.
- Medidata Solutions ( MDSO ) was inching lower Tuesday afternoon, drifting between gains and losses after announcing its $195 million acquisition of cloud data analytics provider SHYFT Analytics. Medidata said it expects the deal will bring a platform for clinical development together with a platform for commercial and real-world data analytics. The transaction is expected to close before the end of June.