Top Tech Stocks
Technology stocks were edging higher in recent trading, with tech stocks in the S&P 500 adding nearly 0.3% while the Philadelphia Semiconductor Index was climbing less than 0.1%.
Among technology stocks moving on news:
+ Snap ( SNAP ) was back on positive ground Monday, reversing a more than 1% decline after reports said the company will discontinue its Snapcash mobile payment service on August 30. Shutting down the feature will bring an end to Snapchat's four-year partnership with Square ( SQ ) to power the feature for sending people money, according to a TechCrunch report. Square shares are more than 2% higher Monday afternoon.
In other sector news:
+ JD.com ( JD ) still was narrowly higher Monday afternoon, paring a nearly 2% gain after the Chinese ecommerce platform reportedly is preparing for a move into Europe. CEO Richard Liu told the German daily newspaper Handelsblatt he is planning to open an office in Germany by the end of the year, explaining, "it's no longer just about selling products from Germany in China. I would also like to sell products in Europe."
- Netgear ( NTGR ) dropped as much as 10% on Monday after the company reported a smaller non-GAAP Q2 profit compared with year-ago levels and forecasting Q3 revenue trailing Wall Street expectations. Excluding one-time items, the home networking company earned $0.57 per share during the three months ended July 1, down from $0.60 per share during the same quarter last year but still topping the Capital IQ consensus by $0.06 per share. Revenue grew to $366.8 million from $330.7 million last year and also exceeding the $350.6 million analyst mean. The company also is projecting revenue for the current quarter in a range of $380 million to $395 million, lagging the Street view by at least $1.8 million. Netgear said its Arlo Technologies unit has started the roadshow for its prospective initial public offering of more than 10.2 million shares priced between $18 to $20 each. The company has applied to the NYSE to use the "ARLO" ticker symbol.