Technology Sector Update for 06/19/2019: ITI,JBL,FRSX,ESLT,PSN

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Technology stocks turned narrowly higher in late trade, with the shares of tech stocks in the S&P 500 rising more than 0.4% this afternoon while the Philadelphia Semiconductor Index was climbing nearly 0.3%.

Among technology stocks moving on news:

(+) Iteris ( ITI ) rose more than 4% on Wednesday after new regulatory filings showed CEO Joseph Bergera and board member Laura Siegal bought a combined 15,054 shares during the traffic data-collection company's $28.75 million public offering late of stock last week. Iteris also said underwriters for the June 14 offering fully exercised their option to buy an additional 806,452 shares, boosting gross proceeds for the deal by an extra $3.75 million.

In other sector news:

(+) Foresight Autonomous Holdings ( FRSX ) jumped out to a 40% advance on Wednesday after the Israeli technology company announced a new commercial agreement with Elbit Systems ( ESLT ) for the exclusive marketing of its proprietary image processing software used in the defense, paramilitary and homeland security markets.

(+) Jabil Circuit ( JBL ) climbed over 10% after the electronics manufacturer reported better-than-expected fiscal Q3 revenue, generating a 12.9% increase to $6.14 billion during the three months ended May 31 compared with $5.44 billion during the year-ago period and beating the Capital IQ by $130 million.

(+) Parsons Corp ( PSN ) rose 5% after the technology consultants reported non-GAAP net income of $0.57 per share for its Q1 ended March 31, improving on a $0.34 per share adjusted profit during the same quarter last year and more than doubling up the Capital IQ consensus expecting $0.26 per share. Net sales rose to $904.4 million from $754.7 million during the year-ago period and also topping the $884.1 million analyst mean.

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: ITI , FRSX , ESLT , JBL , PSN

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