Technology

Technology Sector Update for 04/15/2019: COHR,MDSO,PHUN,SAIC

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Technology stocks narrowed some of their prior declines in late trading, with the shares of tech stocks in the S&P 500 losing almost 0.1% in value although the Philadelphia Semiconductor Index still was dropping nearly 0.8% this afternoon.

Among technology stocks moving on news:

(-) Coherent ( COHR ) was narrowly lower shortly before Monday's closing bell after the laser-based technologies company said John Ambroseo has signed a transition services agreement and will step down as president and chief executive no later than April 2021. A board committee will lead the search a successor.

In other sector news:

(+) Today Phunware ( PHUN ) jumped almost 14% after the enterprise software firm said it signed a commercial agreement with Endpoint IP to monetize its intellectual property, which includes 16 US patents and another six patent applications. Endpoint IP also will be global agency partner of note licensing Phunware's mobile technology and also provide advisory services.

(+) Medidata ( MDSO ) rose about 7.5% on Monday after William Blair began coverage of the cloud platform company with an outperform rating.

(+) Science Applications International ( SAIC ) was little changed on Monday after saying it received a position on the Defense Threat Reduction Agency's $535 million information technology design and services contract.

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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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