Top Tech Stocks
Technology stocks scratched out small gains on Tuesday, with the shares of tech stocks in the S&P 500 climbing over 0.2% this afternoon while the Philadelphia Semiconductor Index also was rising more than 0.5%.
Among technology stocks moving on news:
(+) Resonant ( RESN ) pushed out to a 12.5% gain on Tuesday after the electronic components company said an existing fabless customer has signed license agreements with the company for three new designs. According to Resonant, the customer already has been named to the Approved Vendor List for industry original equipment manufacturers, helping bring its products to market faster.
In other sector news:
(+) Acacia Communications ( ACIA ) raced to its best price since February 2017, rising at one point almost 38% to $66.22 a share, after Tuesday agreeing to a $2.6 billion buyout offer from Cisco Systems ( CSCO ). Under terms of the proposed transaction, Acacia investors will receive $70 in cash for each of their shares, representing a 45.7% premium to Monday's closing price. Cisco is expecting the deal to close during the second half of its FY20 ending next July.
(+) Ameri Holdings ( AMRH ) climbed nearly 5% higher on Tuesday, giving back a portion of a 9% morning gain. The cloud and digital services company said it was partnering with Israeli software firm Inpedio to offer cybersecurity products to its customers. The move is part of broader efforts by Ameri to expand its service offerings to include remediation and cyber-forensic services for business customers that have already been damaged by cybersecurity failures. Financial details were not disclosed.
(-) Micro Focus International plc ( MFGP ) slid 6.5% on Tuesday, largely mirroring a 7.8% drop in H1 revenue for the infrastructure software firm compared with the year-ago period, falling to $1.66 billion during the six months ended April 30 from $1.79 billion during the same period in 2017 and 2018. Looking forward, the company also projecting a 4% to 6% decline in its FY19 revenue on a constant currency basis, lagging the Capital IQ consensus looking for 37.6% year-over-year increase in revenue for the 12 months ending Oct. 31.