Technology Sector Update for 10/08/2018: DZSI,IPGP,TRMB

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Technology stocks were falling hard Monday afternoon, with the shares of tech stocks in the S&P 500 losing almost 2.0% in value while the Philadelphia Semiconductor Index was falling over 1.8%.

Among technology stocks moving on news:

(+) Dasan Zhone Solutions ( DZSI ) was more than 4% lower in recent trading, drifting off a more than 2% gain earlier in the session that followed the networking tools company saying it was acquiring German broadband equipment-maker Keymile for an undisclosed amount. Dasan is expecting the deal will expand its corporate reach, particularly in Europe and Latin America and likely adding hundreds of customers. A Q4 closing is expected.

In other sector news:

(+) IPG Photonics ( IPGP ) climbed as much as 4% on Monday, overcoming an early 2% decline that followed analysts at Benchmark Capital paring their price target for the high-performance fiber laser company by $52 to $170 a share but also reiterating their Buy investment recommendation for the company's stock.

(-) Trimble ( TRMB ) was falling over 1%, paring a nearly 2% decline earlier Monday after the maker of GPS systems and related technologies announced its purchase of privately held Veltec, a Brazil-based fleet management company. Trimble said it will combine Veltec with its transportation segment, adding the transaction should further expand its global footprint and extend its fleet safety and efficiency services into new markets. Financial terms of the proposed acquisition were not disclosed.

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: DZSI , IPGP , TRMB

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