Top Tech Stocks
Technology stocks turned lower this afternoon, with the shares of tech stocks in the S&P 500 were losing over 0.4% in value today while the Philadelphia Semiconductor Index was slipping nearly 0.9%.
Among technology stocks moving on news:
(-) NetSol Technologies ( NTWK ) was nearly 1% lower in late Wednesday trading despite swinging to a fiscal Q4 profit as revenue rose compared with year-ago levels and the financial software firm trimmed its quarterly costs. The company generated net income or $1.2 million, or $0.10 per share, during the three months ended June 30, reversing a $0.28 per share net loss during the same quarter last year, as revenue climbed to $16.6 million from $14.5 million last year. Analysts estimates were not available for comparison.
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 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 this afternoon, slipping almost 1% to fall back near its session low despite analysts at Deutsche Bank Wednesday raising their stock rating for the semiconductor company's stocks to Buy from Hold.
(-) Maxar Technologies (MAXR,MAXR.TO) was nearly 3% lower this afternoon, 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 and 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.