Technology Sector Update for 04/17/2019: ERIC,QCOM,AAPL,PAYC

Top Tech Stocks

MSFT +0.64%

AAPL +1.95%

IBM -3.97%

CSCO -0.62%

GOOG +0.86%

Technology stocks were higher in recent trading, with the shares of tech companies in the S&P 500 adding 0.6% in value while the Philadelphia Semiconductor Index was rising 1.5%.

Among technology stocks moving on news:

(+) Ericsson (ERIC) climbed almost 6% after announcing a multi-year strategic partnership with Future Technologies Venture LLC, which is expected to extend its reach into key market verticals - including utilities, oil and gas, mining and government - that Future Technologies serves. The company also reported non-IFRS Q1 net income of SEK0.80 per share, up from SEK0.11 per share last year and beating the Capital IQ consensus expecting SEK0.64 per share.

In other sector news:

(+) Qualcomm (QCOM) rose 11% on Wednesday, continuing its big Tuesday advance, after the chipmaker and Apple (AAPL) agreed to drop all litigation between the companies all over the world. The settlement also included an undisclosed payment by Apple to Qualcomm.

(-) Paycom Software (PAYC) was fractionally lower after KeyBanc raised its price target on the company's stock by $28 to $210 and reiterated its outperform rating.

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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