Technology Sector Update for 09/26/2018: MAXR,MAXR.TO,I,BRKS,STM

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Technology stocks were edging higher Wednesday, with the shares of tech stocks in the S&P 500 adding over 0.2% in value although the Philadelphia Semiconductor Index was slipping nearly 0.2%.

Among technology stocks moving on news:

(-) Maxar Technologies (MAXR,MAXR.TO) was nearly 3% lower in afternoon trading, only partially recovering from a slightly more than 4% decline for the satellite and spacecraft company formerly known as MacDonald, Dettwiler and Associates despite the successful launch earlier Wednesday of a communications satellite it built for partners Intelstat ( I ) and South Caucasus-based satellite operator Azercosmos. The Azerspace-2/Intelsat 38 satellite launched at 7:21 a.m. ET from the European Spaceport in French Guiana. It will provide direct-to-home television as well as government and network services to customers in Europe, central and southern Asia, the Middle East and sub-Saharan Africa. It already has deployed its solar arrays, Maxar said, adding it is scheduled to fire its main thruster on Thursday to reach its final orbit at 45 degrees east.

In other sector news:

(+) Brooks Automation ( BRKS ) was nearly 7% higher on Wednesday after the chipmaker announced its $450 million cash purchase of genomics services provider GENEWIZ Group. Brooks Automation is expecting the transaction will immediately add to its non-GAAP net income and it sees the acquired business adding around $140 million in revenue over the next year. The deal should close prior to the end of 2018, the companies said.

(-) STMicroelectronics ( STM ) was fractionally lower Wednesday afternoon, slipping almost 1% to fall back near its session low despite analysts at Deutsche Bank raising their stock rating for the semiconductor company's stocks to Buy from Hold.

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: I , BRKS , STM , MAXR

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