Top Tech Stocks
Technology stocks were holding up for moderate gains Monday, with shares of tech companies in the S&P 500 rising more than 0.4% while the Philadelphia semiconductor index jumped out to a more than 0.7% gain.
Among technology stocks moving on news:
GoPro ( GPRO ) fell to a record low on Monday, sinking almost 33% to a worst-ever $5.04 a share, despite reports the struggling action-camera company has hired JP Morgan to negotiate a sale of the company. The CNBC report, citing sources familiar with the matter, follows the cable network earlier today saying GoPro CEO Nick Woodman would "look at" opportunities to "unite with a bigger parent company." The report did say how much the company is seeking in a sale nor did it identify any potential suitors.
In other sector news,
- Micro Focus International (MFGP, MCRO.L) Monday dropped as much as 17% after the UK software firm reported a 2.9% decline in net sales during the six months ended Oct. 30 to $664.7 mln after excluding $569.8 mln in sales generated by its Sept. 1 deal for a Hewlett Packard Enterprise ( HPE ) software unit. The company blamed "disappointing performance" in North America and a 31.3% year-over-year drop in licensing revenue from the region.
- Quarterhill ( QTRH ) was trading lower after saying its WiLAN subsidiary acquired a patent portfolio of semiconductor memory technologies from Panasonic. Financial terms of the transaction were not disclosed.
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