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Technology Sector Update for 06/13/2018: IQV,QCOM,BABA,BIDU,IPAS


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MSFT +0.04%

AAPL +0.04%

IBM +0.17%

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Technology stocks were edging higher Wednesday, with shares of tech companies in the S&P 500 up slightly more than 0.1% in value while the Philadelphia semiconductor index was posting a nearly 0.6% gain.

Among technology stocks moving on news:

- IQVIA Holdings ( IQV ) fell Wednesday, at one point dropping nearly 3%, after the advanced analytics company priced a $1.24 billion secondary offering of 12 million common shares previously held by Bain Capital, TPG Funds and two other institutional investors at $103.50 each, or 1.4% below Tuesday's closing price for the stock.

In other sector news:

+ Qualcomm ( QCOM ) was slightly higher this afternoon following reports it plans to restructure its server chip business. Qualcomm President Cristiano Amon told Reuters the company will pare jobs within the unit but will also continue to operate it, albeit with a narrower focus on large computing players in China such as Alibaba ( BABA ), Tencent Holdings, and Baidu ( BIDU ) through a joint venture.

+ iPass ( IPAS ) rose fractionally on Wednesday after the wireless connectivity company announced a new partnership with Indian telecom service provider, Bharat Sanchar Nigam Ltd creating 23,000 Wi-Fi hotspots throughout the country. BSNL already has set up Wi-Fi hotspot zones in over 80 tourist locations, including the Taj Mahal, abd the company also growing its footprint in rural areas, where more than 4,000 Wi-Fi hotspots have already been established.

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: IQV , QCOM , BABA , BIDU , IPAS


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