Technology Sector Update for 09/14/2018: NVDA,DOCU,AMD,LPL,AAPL

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Top Tech Stocks

MSFT +0.53%

AAPL -1.10%

IBM -0.41%

CSCO +0.37%

GOOG -0.11%

Technology stocks scratched out a small gain on Friday, with the shares of tech stocks in the S&P 500 adding about 0.1% in value while the Philadelphia Semiconductor Index rose over 1.1% this afternoon.

Among technology stocks moving on news:

(+) NVIDIA ( NVDA ) rose almost 2% on Friday after analysts at Needham & Co raised their price target for the visual and graphics chipmaker by $25 to $350 a share and also reiterated their Buy stock rating for the company's stock.

In other sector news:

(+) Advanced Micro Devices ( AMD ) was nearly 7% higher in afternoon trading after analysts at Argus raised their price target for the chipmaker by $17 - or 73.9% - to $40 a share. The brokerage also reiterated its Buy investment recommendation for the company's stock.

(+) DocuSign ( DOCU ) dropped over 3% on Friday after the electronic signature technology company priced an upsized $500 million private placement of 0.50% convertible senior notes due 2023. The offering was increased in size from the company's original plan to sell $400 million of the notes, which will carry an initial conversion rate of about $71.42 per share, representing a premium of almost 30% over Thursday's closing price for the company's common stock. Net proceeds will help fund the cost of capped call transactions and general corporate purposes, including potential future acquisitions.

(+) LG Display ( LPL ) was hanging on to a nearly 2% gain Friday afternoon, easing from a nearly 9% advance earlier in the session that followed the Korean electronics company saying it was selected by Apple ( AAPL ) as its second supplier of organic light-emitting diodes.

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: NVDA , AMD , DOCU , LPL , AAPL

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