Technology

Technology Sector Update for 01/22/2019: STNE,IPFP,LOGI,TSEM

Top Tech Stocks

MSFT -2.21%

AAPL -2.26%

IBM -1.48%

CSCO -1.04%

GOOG -2.86%

Technology stocks fell in Tuesday trading, with the shares of tech stocks in the S&P 500 losing more than 2.1% in value while the Philadelphia Semiconductor Index declined nearly 3.2%.

Among technology stocks moving on news:

(+) StoneCo Ltd ( STNE ) climbed over 2% on Tuesday after saying the number of active clients using its e-commerce and financial technology platform more than doubled during the final three months of 2018 compared with the same period in 2017, rising 104.1% to 267,900 clients.

In other sector news:

(+) Logitech International ( LOGI ) was hanging on to a nearly 1% gain after Monday reporting non-GAAP fiscal Q3 net income $0.79 per share, improving on a $0.65 per share profit during the same quarter last year and beating the Capital IQ consensus by $0.12 per share.

(-) TowerJazz ( TSEM ) was 2% lower this afternoon, reversing a 1% advance earlier in the session that followed the company announcing a new partnership with privately held Ranix to develop radio-frequency transceivers for use in vehicle-to-everything and electronic toll collection systems.

(-) IPG Photonics ( IPGP ) was down more than 3% on Tuesday after the fiber and diode lasers company said it was acquiring the submarine networks division of Brazilian electronics manufacturer Padtec SA. Financial terms of the transaction 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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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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