Technology Sector Update for 08/29/2018: CLDR,MFGP,GRMN,BOX

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Top Tech Stocks

MSFT +1.29%

AAPL +1.53%

IBM +0.69%

CSCO +1.18%

GOOG +1.45%

Technology stocks were solidly higher in recent trading, with the shares of tech stocks in the S&P 500 were adding almost 0.9% in value while the Philadelphia Semiconductor Index was hanging on to a more than 0.4% advance.

Among technology stocks moving on news:

+ Cloudera ( CLDR ) climbed as much as 7% on Wednesday after the machine learning and analytics platform company late Tuesday announced the commercial launch of its Cloudera Data Warehouse, a hybrid cloud data storage system already in use by nearly 800 large companies and entities. According to the company, the cloud-native architecture routinely handles 50-petabyte (10 to the 15th power, or 1 quadrillion, pieces of data) workloads as well as delivering sub-microsecond query performance and managing hundreds of compute clusters.

In other sector news:

+ Micro Focus ( MFGP ) has pushed out to a nearly 4% gain on Wednesday after the infrastructure software company authorized a new stock buyback program, including an initial $200 million tranche. It also said shareholders August 21 voted to approve the company's proposed $2.54 billion sale of its SUSE open-source Linux unit to EQTVIII SCSp subsidiary Marcel Bidco GmbH in a transaction expected to close during the first three months of 2019.

+ Garmin ( GRMN ) clmbed more than 2% on Wednesday after the navigation equipment manufacturer said it acquired Flight Plan LLC, the privately held parent company of electronic flight planning tools, including the FltPlan.com website and the FltPlan Go mobile application. Financial terms of the transaction were not disclosed.

- Box ( BOX ) slumped Wednesday, falling as much as 12%, after reporting a non-GAAP Q2 net loss of $0.05 per share, or $0.07 per share under prior accounting methods, compared with the Capital IQ consensus expecting a $0.06 per share loss. Revenue rose 21% year over year to $148.2 million, topping the $146.5 million Street view.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Technology , Commodities
Referenced Symbols: CLDR , MFGP , GRMN , BOX

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