Top Tech Stocks
Technology stocks were solidly lower shortly before Friday's closing bell, extending small declines from earlier in the session. At last look, shares of tech stocks in the S&P 500 were losing almost 0.4% in value this afternoon while the Philadelphia Semiconductor Index was dropping over 0.5%.
Among technology stocks moving on news:
(+) Acuity Brands ( AYI ) climbed more than 7% at one point on Friday after analysts at Wells Fargo upgraded the brokerage's stock rating for the electronic components company to Outperform from Market Perform previously and also increased their price target for Acuity by $47 to $187 a share.
In other sector news:
(+) IPG Photonics Corp ( IPGP ) enjoyed a sizable gain on Friday, topping out with a nearly 6% advance, after the fiber laser manufacturer received an upgrade to Strong Buy from Market Perform by analysts at Raymond James.
(+) Texas Instruments ( TXN ) was just over 1% higher Friday afternoon, giving back almost half of its prior advance that followed the analog and embedded processor-maker late Thursday raising its quarterly dividend by 24% over its most recent distribution to investors to $0.77 per share. The upcoming dividend - including the extra $0.15 per share - is payable on Nov. 19 to shareholders of record on Oct. 31. The company also said it has authorized the repurchase of up to $12 billion of its common stock over time on top of the $7.4 billion still remaining under its prior authorization on June 30.
(-) Acorn International ( ATV ) was trading more than 1% on Friday, reversing a similarly sized spike shortly after the opening bell, after announcing the expansion of its e-commerce business into live streaming and short form-videos in China. Acorn also said it has redirected its direct marketing know-how to digital media with the launch of Acorn Streaming, which primarily is focused on live streaming and pre-recorded video content.