Technology

Technology Sector Update for 05/19/2017: INVE,ADSK,PXLW

Top Tech Stocks

MSFT +0.12%

AAPL +0.71%

IBM +0.79%

CSCO +0.35%

GOOG +0.60%

Technology stocks were putting up strong numbers in recent trading, with shares of tech companies in the S&P 500 climbing almost 0.8% Friday afternoon.

In company news, shares of security technology company Identiv ( INVE ) climbed almost 15% to reach a session high of $5.72 a share on Friday after today pricing a $12.1 million public offering of 2.5 million shares at $4.85 apiece, a 3.5% discount to Thursday's closing price.

After first paying underwriter discounts and other offering costs, Identiv plans to use the net proceeds for working capital and other general corporate purposes, including investments or potential acquisitions of complementary businesses, technologies and other assets.

In other sector news,

(+) ADSK, (+15.9%) Non-GAAP Q1 net loss of $0.16 is $0.05 less than the Capital IQ consensus. Revenue fall 5% to $486 mln but still tops $470 mln analyst mean. Upgrade to Outperform at RBC, which also boosts price target by $30 to $125 a share. Canaccord Genuity increases price target by $15 to $120 a share, keeps Buy rating.

(-) PXLW, (-9.4%) Acquires ViXS (VXS.TO) in $20.2 mln all-stock transaction, exchanging around 3.7 mln shares of its stock for the Canadian tech company.

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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