Top Tech Stocks
Technology stocks pared a portion of their earlier retreat, with the shares of tech stocks in the S&P 500 losing almost 0.4% in value while the Philadelphia Semiconductor Index plunged more than 1.2%.
Among technology stocks moving on news:
(-) Apple ( AAPL ) were down nearly 1% shortly before Wednesday's closing bell, giving back a 0.5% gain for tech giant, that largely corresponded with the formal introduction this afternoon of new versions of its iPhone and smart watches at the company's annual product event. The new iPhone XS and XS Max models will feature larger screens, measuring 5.8 and 6.5 inches, respectively, and cost $999 and $1,099 when they become available for pre-order in the United States, Canada and the UK on Friday. The redesigned iWatch now includes GPS and an ECG and EKG sensor in addition to other health features and will start at $399, rising to $499 for the model with GPS and cellular capabilities.
In other sector news:
(+) DocuSign ( DOCU ) climbed almost 6% on Wednesday after cloud-based transaction products company disclosed plans for a $400 million private placement of convertible senior notes due 2023. The company also will provide the initial purchasers with an option to by up to $60 million more of the notes. Separately, the company also said it has it has begun a secondary offering of slightly more than 8.06 million shares of its common stock now held by Sigma Partners, General IM and other early investors in the company. The selling shareholders also are expected to provide underwriters with a 30-day option to buy up to 1.2 million additional shares.
(+) TerraForm Power ( TERP ) at one point rose nearly 6% on Wednesday after analysts at Goldman Sachs raised their stock rating for the solar-power company to Neutral from Sell.
(+) Checkpoint Software ( CHKP ) still was narrowly higher in late trade, recovering from a slim decline in a see-saw session that followed the company and Canadian tech company Blackberry (BB,BB.TO) partnering to reduce cybersecurity threats. The global independent software vendor agreement is the first of its kind for Checkpoint and calls on the companies to combine Checkpoint's SandBlast mobile defense tools with Blackberry's UEM and Dynamics security applications.