Technology Sector Update for 07/08/2019: MSFT,SYMC,AVGO,AAPL

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Top Tech Stocks

MSFT -0.42%

AAPL -2.18%

IBM -0.45%

CSCO -0.75%

GOOG -1.66%

Technology stocks were falling hard in afternoon trading, with the shares of tech stocks in the S&P 500 dropping 0.9% while the Philadelphia Semiconductor Index was down 0.7%.

Among technology stocks moving on news:

(+) Microsoft ( MSFT ) declined fractionally on Monday. The software and hardware company said western US hospital and clinics chain Providence St. Joseph Health has signed on as a new customer of its Azure and artificial intelligence tools. Financial terms of the five-year agreement were not disclosed.

In other sector news:

(+) Symantec ( SYMC ) climbed 3.4% on Monday after Bloomberg reported, citing sources, that Broadcom ( AVGO ) secured funding for its prospective acquisition of the cyber-security firm. Several banks have agreed to back a deal, which could be formally announced by mid-month, according to the report. Symantec CEO Greg Clark also is said to trying to line up several private-equity firm for a potential management-led buyout of the company, the news service reported.

(-) Apple ( AAPL ) slid about 2% after Rosenblatt Monday lowered its investment recommendation on the tech giant to sell from neutral.

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: MSFT , SYMC , AVGO , AAPL

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