Top Tech Stocks
Technology stocks halved their prior declines from earlier this afternoon, with the shares of tech stocks in the S&P 500 still were losing more than 0.9% in value while the Philadelphia Semiconductor Index was falling almost 0.9%.
Among technology stocks moving on news:
(+) Facebook ( FB ) was hanging on to the slimmest of Monday gains, recovering from a nearly 2% decline earlier in the session after the social networking company today began selling a pair of smart speakers in a direct challenge to Amazon ( AMZN ), Apple ( AAPL ) and Google (GOOG,GOOGL). The Portal and Portal+ smart speakers also include cameras and microphones and a 10-inch touchscreen emphasizing video calling. Monday's product debut marks Facebook's first hardware offering other than its Oculus virtual-reality devices.
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 ) fell almost 1% Monday afternoon, 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.
(-) Dasan Zhone Solutions (DZSI) was over 6% lower in late 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.