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

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Top Tech Stocks

MSFT +1.28%

AAPL +1.12%

IBM +0.74%

CSCO +0.94%

GOOG +1.12%

Technology stocks were solidly higher in recent trading, with the shares of tech stocks in the S&P 500 adding almost 0.8% in value while the Philadelphia Semiconductor Index was hanging on to a nearly 0.3% advance.

Among technology stocks moving on 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 Aug. 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.

In other sector news:

+ 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.

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

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