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Technology Sector Update for 10/10/2018: ESL,TDG,IMPV,CLS,CLS.TO,NVDA


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Top Tech Stocks

MSFT -4.25%

AAPL -3.01%

IBM -2.32%

CSCO -2.97%

GOOG -3.57%

Technology stocks extended their Wednesday rout, with the shares of tech stocks in the S&P 500 were losing nearly 3.8% in value today while the Philadelphia Semiconductor Index fell almost 3.7%.

Among technology stocks moving on news:

(+) Esterline Technologies ( ESL ) soared to a 42-month high on Wednesday, rising nearly 31% to its best share price since April 2015 at $116 each, after the avionics and aerospace company agreed to a $4 billion buyout offer including debt from defense contractor TransDigm Group ( TDG ). Esterline investors will receive $122.50 in cash for each of their shares, representing a nearly 38% premium over Esterline's closing price on Tuesday.

In other sector news:

(+) Imperva ( IMPV ) rose as much as 29% on Wednesday after the cybersecurity firm agreed to be acquired and taken private by technology-focused investors Thoma Bravo for $2.1 billion. Imperva investors will receive $55.75 for each of their shares, marking a 29.4% premium to Tuesday's closing price. The deal has a 45-day go-shop provision allowing Imperva to solicit and evaluate additional acquisition bid. It also reporting better-than-expected preliminary Q3 financial results.

(+) Celestica (CLS,CLS.TO) climbed almost 6% in U.S. trade on Wednesday after the Canadian contract electronics manufacturer announced the $329 million acquisition of privately held rival Impakt Holdings. Celestica also reinterated ITS in-line Q3 financial outlook expecting non-GAAP net income in a range of $0.26 to $0.32 per share on between $1.65 billion to $1.75 billion in revenue. The Street is at $0.30 per share on $1.69 billion in revenue.

(-) Nvidia ( NVDA ) dropped nearly 7% late Wednesday despite the chipmaker saying Swedish automaker Volvo has selected the Nvidia Drive AGX Xavier computer for its next-generation vehicles. Production will begin in the early 2020s.

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: ESL , TDG , IMPV , NVDA , CLS



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