Technology

Technology Sector Update for 04/09/2018: FB,ASUR,GOGO,BABA

Top Tech Stocks

MSFT +1.35%

AAPL +1.82%

IBM +1.97%

CSCO +2.01%

GOOG +1.87%

Technology stocks eased from their outsized gains earlier in Monday trading but were still leading other industry sectors on Monday, with shares of tech companies in the S&P 500 jumping out to a nearly 1.5% advance while the Philadelphia semiconductor index was posting a more than 1.4% gain.

Among technology stocks moving on news:

+ Facebook ( FB ) climbed almost 2% on Monday before its advance stalled somewhat this afternoon when chief executive Mark Zuckerburg said plans to boost security at the social network company will likely have a big impact on its bottom line. In remarks released by the U.S. House Energy and Commerce committee ahead of Zuckerman Tuesday beginning two days of congressional testimony, he said the investment in added security in response to Russian efforts to influence the 2016 presidential election by hacking into Facebook users' accounts "will significantly impact our profitability going forward," later asserting that protecting the Facebook "community is more important than maximizing our profits."

In other sector news:

+ Asure Software Inc ( ASUR ) was sharply higher Monday afternoon, easing only slightly from its more than 4% advance that followed the software-as-a-service company said its was acquiring OccupEye Limited, but declining to say how much it paid for the sensor-based software firm that assist business clients in streamlining operations. Asure also said it was raising its FY18 financial outlook following the acquistion, now expecting between $89 million to $92 million in revenue this year, up from its prior view in a range of $85 million to $88 million and straddling the $85.6 million Capital IQ consensus. Financial terms of the transaction were not disclosed.

+ Gogo ( GOGO ) was climbing almost 2% during Monday trading after the in-flight internet company said it was selected to install its 2Ku in-flight connectivity suite in Bombardier CS300 passenger jets for Air Canada. The carrier has 45 of the Canadian CS300 aircraft on order, with an option to buy up to 30 additional jets. Financial terms of the transaction were not disclosed.

+ American depository shares of Alibaba Group Holding Ltd ( BABA ) were almost 3% higher Monday after the Chinese e-commerce company said that its cloud computing subsidiary was partnering with E-Glober to provide cloud computing products and services throughout the Turkish market. E-Glober is Alibaba's sole authorized agent and business partner in Turkey. Under terms of the expanded partnership, E-Glober also will offer Alibaba's suite of cloud products and services, including analytics and big data, to Turkish customers. Alibaba Cloud is now available in 18 regions around the world.

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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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