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

Top Tech Stocks

MSFT +0.66%

AAPL +1.99%

IBM -4.15%

CSCO -1.04%

GOOG +0.67%

Technology stocks still were rising in recent trading, with the shares of tech stocks in the S&P 500 adding over 0.5% in value while the Philadelphia Semiconductor Index was rising almost 1.5%.

Among technology stocks moving on news:

(+) Microvision (MVIS) slid 14% on Wednesday after the electronic components company was selling nearly 1.02 million shares of its common stock to the Lincoln Park Capital Fund at 98.21 cents apiece, generating $1 million in gross proceeds and representing a 17.4% discount to Tuesday's closing price. Under terms of the stock purchase agreement, the investment fund can buy up to $10 million more of the company's stock over the next two years at the prevailing market price.

In other sector news:

(+) Qualcomm (QCOM) rose 12% 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.

(+) Ericsson (ERIC) climbed 7% 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.

(-) 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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