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Technology Sector Update for 08/12/2019: MRAM,STX,RDCM,EMKR,GLOB


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Top Tech Stocks

MSFT -1.55%

AAPL -0.40%

IBM -1.79%

CSCO -2.04%

GOOG -1.33%

Technology stocks extended their declines this afternoon, with the shares of tech stocks in the S&P 500 dropping just over 1.4% while the Philadelphia Semiconductor Index also was down more than 1.1%.

Among technology stocks moving on news:

(+) Everspin Technologies ( MRAM ) rose nearly 15% after Monday announcing a cross-licensing agreement with Seagate Technology ( STX ) providing the memory chip-maker with access to additional MRAM intellectual property while Seagate can now use Everspin's tunneling magnetoresistance for use in its hard disk drives. Financial terms of the agreements were not disclosed.

In other sector news:

(+) Radcom ( RDCM ) rose over 3% after the networking equipment company raised its FY19 revenue forecast range to $30 million to $33 million compared with its prior outlook expecting between $28 million to $32 million and topping the Capital IQ consensus looking for $28.4 million.

(-) Emcore ( EMKR ) was 1% lower in late trade after the mixed-signal electronic components company said it hired Tom Minichiello as its new chief financial officer. He replaces Mark Gordon, who will continue as interim CFO until Minichiello begins work on August 26.

(-) Globant SA ( GLOB ) dropped 3.8% on Monday after the technology-services company said it was acquiring Belatrix Software, a mobile applications development company with operations throughout Latin America, including Argentina, Peru and Colombia as well as the US and Spain. Financial terms and other details of the transaction were not disclosed.

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: MRAM , STX , RDCM , EMKR , GLOB



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