Technology Sector Update for 06/06/2018: BABA,FIT,TWTR

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Technology stocks were little changed Wednesday afternoon, with shares of tech companies in the S&P 500 adding just over 0.1% in value while the Philadelphia semiconductor index was posting a less than 0.1% decline.

Among technology stocks moving on news:

+ Alibaba Group Holding Ltd ( BABA ) was hanging on to a slim gain on Wednesday after earlier earlier climbing nearly 2% to pull within 0.5% of its 52-week high of $211.79 a share that followed the Chinese online retailer saying it will invest $1.53 billion in a new joint venture planning to build a new logistics facility at Hong Kong International Airport. Through its Cainiao subsidiary, Alibaba will have a 51% stake in the joint venture while the Chinese state investment firm, China National Aviation Corp., will hold 35% of the entity, and courier YTO Express taking the remaining 14% stake.

In other sector news:

+ Fitbit ( FIT ) was higher in afternoon trading after earlier Wedneday saying chief financial officer William Zerella will step down from the company on June 15 to become CFO of an autonomous vehicle technology startup company He will be replaced by Ronald Kisling, currently schief accounting officer at the wearable technology company.

+ Twitter ( TWTR ) was slightly higher in recent Wednesday trading, reversing a more than 1% decline earlier in the session that followed the micro-blogging platfrom announcing plans for a $1.0 billion private placement of convertible senior notes. The company also will issue a 30-day option to underwriters to buy up to $150 million more of the notes to cover potential over-allotments. It expects to use a portion of the net proceeds for convertible note hedge transactions to offset the potential effect of the notes converting into common stock with any remaining fund slated for general corporate purposes, including buying back its 0.25% convertible senior notes due 2019.

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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