Top Tech Stocks
Technology stocks were hanging on for a moderate advance this afternoon, with shares of tech companies in the S&P 500 adding slightly less than 0.3% in value today although the Philadelphia semiconductor index pushed out to a nearly 1.1% gain.
Among technology stocks moving on news:
- Semiconductor Manufacturing International Corp ( SMI ) declined Tuesday, sliding as much as 4% lower, after the specialty chipmaker said it issued RMB200 million in new debt to an affiliate of China's National Integrated Circuitry Investment Fund under a RMB500 asset management agreement between the company and the state-sponsored investment vehicle, which also owns 14.8% of its outstanding stock. The oriented debt financing instrument bears 5.15% in yearly interest and will mature one year following the July 6 issuing date, according to a regulatory filing Tuesday.
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 U.S. 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.
+ 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.
+ 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.