Technology Sector Update for 06/18/2019: STX,XLNX,SGLB,SEDG

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Top Tech Stocks

MSFT +1.63%

AAPL +2.42%

IBM +1.32%

CSCO +1.29%

GOOG +1.58%

Technology stocks still were posting outsized gains this afternoon, with the shares of tech stocks in the S&P 500 rising nearly 1.9% while the Philadelphia Semiconductor Index was surging almost 4.6% higher.

Among technology stocks moving on news:

(+) Seagate Technology ( STX ) was 4% higher in late Tuesday trading after saying it received about $1.35 billion in cash when Toshiba Memory Holdings Corp redeemed of all of its non-convertible preferred shares previously held by the data-storage firm. Seagate acquired $1.27 billion of the preferred stock in May 2018 through its acquisition of Toshiba's NAND flash memory unit as part of a consortium led by Bain Capital.

In other sector news:

(+) Xilinx ( XLNX ) was almost 7% higher after saying it has begun shipping its Versal AI Core series and Versal Prime series devices to several of its top tier customers through the chipmaker's early access program. Broader industry shipments should start during the second half of 2019, the company said.

(+) SolarEdge Technologies ( SEDG ) rose more than 4% after Goldman Sachs raised its investment recommendation on the Israeli photovoltaic components company to neutral from sell and also increased its price target on the stock by $17 to $52 a share.

(-) Sigma Labs ( SGLB ) declined 3% this afternoon. The quality-assurance software firm said it has signed a non-binding memorandum of understanding to integrate its PrintRite3D technology with the MCP controller developed by Materialise NV ( MTLS ) and provide customers with improved monitoring and increased productivity during the metal additive manufacturing process.

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: STX , XLNX , SEDG , SGLB , MTLS

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