Top Tech Stocks
Technology stocks were moderately higher shortly before the closing bell this afternoon, with shares of tech companies in the S&P 500 rising over 0.3% in recent trading.
In company news, Microsoft ( MSFT ) shares were little changed Tuesday afternoon, barely edging above their break-even mark today, after a federal judge in San Francisco late yesterday granted a preliminary injunction requiring the software and hardware giant to remove any technology preventing a startup firm from accessing public profiles in Microsoft's LinkedIn social networking website.
The plaintiffs in the case, hiQ Labs, sought the injunction against Microsoft after LinkedIn issued a cease-and-desist request and tried to block the startup from using automated data collection tools to read individual profiles and other personal information publicly available on the professional networking website.
Arguing LinkedIn's actions amounted to unfair business practices, hiQ wants to use that information as part of its business providing statistical analysis of available data on company workforces to warn clients whether any of their current employees are likely to be recruited by competitors. LinkedIn and HiQ previously were unable to reach a monetary agreement for that data and LinkedIn filed suit in June citing violations of the U.S. Computer Fraud and Abuse Act and after what it claimed were years of tolerating hiQ accessing its more than 500 million member profiles.
Microsoft bought LinkedIn in December 2016 for $26.2 million.
In other sector news,
(+) HMNY, Announces deal to acquire a 51% ownership stake in a movie subscription technology company, MoviePass, for $27 mln.
(-) PLAB, Fiscal Q3 EPS of $0.06 per share misses Street view by $0.03 per share. Revenue declines 9% to $111.6 mln, lagging the Capital IQ consensus by $3.4 mln. Hires John Jordan from AstroNova ( ALOT ) to be chief financial officer, replacing the retiring Sean Smith on Sept. 4.