Top Tech Stocks
Technology stocks were moderately higher Tuesday afternoon, with shares of tech companies in the S&P 500 adding slightly less than 0.5% in value while the Philadelphia semiconductor index was posting a more than 1.0% gain.
Among technology stocks moving on news:
+ Kulicke and Soffa Industries ( KLIC ) was almost 2% higher on Tuesday, easing just slightly from its session high, after the semiconductor manufacturing equipment company earlier increased its stock buyback authorization by another $100 million. The additional funds are available immediately and will be funded using cash and cash equivalents as well as short-term investments. Through Monday's session, Kulicke & Soffa has repurchased 11.8 million shares of its common stock and deployed $183.6 million since launching its last stock buyback program in August 2014.
In other sector news:
+ Tintri ( TNTR ) was 4% higher Tuesday afternoon, easing from a nearly 10% increase earlier in the session, that followed big data storage company DataDirect signing a non-binding letter of intent to purchase substantially all of Tintri's assets after the enterprise cloud and data storage products company filed for Chapter 11 bankruptcy protection. In its voluntary petition filed in US bankruptcy court in Delaware, Tintri said the company has between $10 million to $50 million in assets to distribute to as many 5,000 creditors. The company also hired Robert Duffy of Berkeley Research Group as its chief restructuring officer.
+ ChipMOS Technologies ( IMOS ) climbed over 1% at one point on Tuesday, later easing to its current range around 0.4% higher, after reporing a 9.9% rise in June sales over year-ago levels to NTD1.55 billion, or about $50.9 million, although the specialty chipmaker's Q2 sales slipped 1.1% year-over-year to NTD4.49 billion, or about $147.6 million. The company also said it continues to benefit from strong demand from smartphone-related products, combined with an increase in average selling prices of DDIC earlier in Q2. Its DDIC wafer test business is operating at full capacity with increasing demand led by TDDI for smartphones, it said.
+ Alphabet (GOOG,GOOGL) was almost 0.4% higher on Tuesday after its YouTube subsidiary said it was committing $25 million to combat the proliferation of "fake news." The video sharing website plans to develop new product features in partnership with news organizations and other global experts and will also set aside funding across around 20 markets worldwide supporting news organizations in building sustainable video operations. YouTube also said it will "significantly" expand the number of employees it has working on supporting news publishers.