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Technology Sector Update for 07/10/2019: FB,ACN,SGH,VISL,MFGP


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Technology stocks eased slightly from their mid-day highs, with the shares of tech stocks in the S&P 500 Wednesday rising more than 0.7% while the Philadelphia Semiconductor Index also was climbing over 0.7%.

Among technology stocks moving on news:

(+) Facebook ( FB ) sputtered slightly this afternoon, giving back some of its early 2% advance, after Federal Reserve chairman Jerome Powell told the US House Financial Services Committee the central bank has formed a working panel to assess the social networking company's Libra cryptocurrency proposal. While still supporting "reasonable innovation" in the financial industry, Powell said Libra poses several challenges for the central bank and other regulators, including money laundering and privacy concerns as well as maintaining consumer protections and financial stability, according to reports.

In other sector news:

(+) Vislink Technologies ( VISL ) surged Wednesday, rising 151% just before Wednesday's closing bell, after the microwave communications equipment company said it received a $2.8 million contract from the US Army for the supply of intelligence, surveillance and reconnaissance receiver devices.

(+) SMART Global Holdings ( SGH ) was extending its Wednesday advance, rising nearly 25%, after the memory chipmaker announced a pair of acquisitions that are expected to immediately boost its per-share net income while adding embedded computing to its product portfolio. In one deal, SMART Global will pay $80 million in cash for privately held Artesyn Embedded Computing and it also will swap $12 million in cash and stock for Inforce Computing.

(-) Micro Focus International plc ( MFGP ) dropped 10% this afternoon. Credit Suisse reiterated its underperform stock rating on the infrastructure software firm and raised its price target on the company's shares by GBP0.47 to GBP13.87.

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: FB , VISL , SGH , MFGP , ACN



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