Technology Sector Update for 08/29/2017: BRQS,LINU,SPWR

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Technology stocks continue to edge higher in recent trade, with shares of tech companies in the S&P 500 climbing about 0.3% this afternoon.

In company news, Borqs Technology ( BRQS ) retreated Tuesday, falling almost 8% to a session low of $6.36 a share after Intel Corp ( INTC ) late yesterday disclosed owning a 12.9% passive equity stake in the Android software firm.

The chipmaker held just under 4 million Borqs shares through Aug. 18, according to a Form SC 13G filing Monday afternoon.

Disclosure of the Intel stake in Borqs comes as Zhengqi International Holding Ltd last night made a Form SC 13D/A filing with U.S. regulators detailing its Aug. 18 follow-on transaction to the activist investors' $24 million backstop and subscription agreement in mid-May, with Zhengqi last week buying another 966,136 shares at $10.40 apiece and boosting its overall stake above 5 million shares, or 16.2% of the company.

Also yesterday, institutional investor Asset Horizon International disclosed a 10.7% passive stake with almost 3.3 million of the company's shares while Woodland Partners Monday said it had liquidated its remaining stake in Borqs.

In other sector news,

(+) LINU, (+60.3%) Agrees to strategic cooperation pact with Shou Guang Agriculture Logistic Park, with plans to work together on product offerings, information resources and park management.

(-) SPWR, (-0.6%) Selected by Santa Rosa Junior College to deploy a fully-integrated solar and storage project on its 100-acre campus in Santa Rose, Calif. The community college's 40-acre Petaluma campus also will install a 1.3 megawatt Helix Carport system.

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: BRQS , INTC , SPWR

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