Top Tech Stocks
Technology stocks pared a portion of their prior declines Tuesday afternoon but still ending sharply lower, with shares of tech companies in the S&P 500 losing almost 0.8% in value today while the Philadelphia semiconductor index was posting a more than 1.4% retreat.
Among technology stocks moving on news:
+ GSE Systems ( GVP ) climbed as much as 5% on Tuesday after educational and training software firm said a pair of existing clients have signed on for new, three-year subscriptions to its EnVision Learning On-Demand platform. One of clients for the company's next-generation tutorials and simulations was described as one of the world's largest global petroleum refiners who will expand its Envision platform to include structured learning content as well as cloud-based delivery. The other returning client is a liquified natural gas importer and exporter that is expanding its use of EnVision products as part of a structured employee training program during the on-boarding of new plant operators. Financial terms of the new contracts were not disclosed.
In other sector news:
- Apple ( AAPL ) was nearly 2% lower during Tuesday trading after the tech giant reportedly was hit with a AUD9 million ($6.7 million) fine by Australian Federal Court in response to the Competitor and Consumer Commission accusing the company of using a software update to disable iPhones then refusing to unlock them if the devices had been fixed by third parties. "The mere fact that an iPhone or iPad had been repaired by someone other than Apple did not, and could not, result in the consumer guarantees ceasing to apply," consumer commissioner Sarah Court said.
- Acia ( ACIA ) was down almost 4% in Tuesday trading after the U.S. Senate voted for an amendment to the National Defense Authorization Act reinstating sanctions on Chinese mobile phone manufacturer and Acia client ZTE. Monday's 85-10 vote for the amendment would undo a recent agreement between the United States and China removing trade sanctions if ZTE pays a $1 billion penalty and adds a US-selected compliance panel. The measure still needs to clear the U.S. House and be signed into law by the White House to take effect. Other ZTE suppliers NXP Semiconductors ( NXPI ) and Qualcomm ( QCOM ) also declined Tuesday.