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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.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.





This article appears in: Technology , Commodities
Referenced Symbols: RTEC , NANO , PCMI , NSIT , WAB



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