Technology

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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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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