Technology Sector Update for 06/24/2019: RTEC,NANO,PCMI,NSIT,WAB

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Top Tech Stocks

MSFT +1.01%

AAPL +0.15%

IBM +0.37%

CSCO -0.24%

GOOG -0.49%

Technology stocks were mostly higher, with the shares of tech stocks in the S&P 500 climbing more than 0.4%. The Philadelphia Semiconductor Index was rising almost 0.4% this afternoon.

Among technology stocks moving on news:

(+) Rudolph Technologies ( RTEC ) rose almost 11% after the semiconductor process controls company accepted an $842.7 million all-stock merger offer from Nanometrics ( NANO ). Under terms of the proposed stock swap, Rudolph shareholders will receive 0.8042 of a Nanometrics share for each of their shares, or about $27.15 per share, based on Namometric's $33.77 a share closing price on Friday. Investors at each firm will own 50% of the combined companies.

In other sector news:

(+) PCM Inc. ( PCMI ) raced over 42% higher after the multi-vendor technology company agreed to Insight Enterprises' ( NSIT ) $581 million acquisition bid, including debt. Insight sees the $35-per-share cash transaction boosting its non-GAAP FY20 earnings by more than $0.70 per share after its expected close during the second half of 2019, subject to a favorable vote by PCM investors and other closing conditions.

(-) Westinghouse Air Brake Technologies ( WAB ) fell 5.4% after a Buckingham Research downgrade on Monday for the rail technologies company to neutral from buy. The brokerage also lowered its price target for Wabtec shares by $12 to $81 apiece.

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: RTEC , NANO , PCMI , NSIT , WAB

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