Technology Sector Update for 06/11/2018: PTC,ROK,RFIL,EA,SPLK

Top Tech Stocks

MSFT -0.42%

AAPL -0.23%

IBM +0.56%

CSCO +0.52%

GOOG +1.07%

Technology stocks were set to close with small gains on Monday, with shares of tech companies in the S&P 500 adding almost 0.3% in value today while the Philadelphia semiconductor index was putting up a less than 0.1% gain.

Among technology stocks moving on news:

+ PTC Inc ( PTC ) jumped out to a new record high on Monday, rising just over 10% to a best-ever $95.75 a share after announcing a $1 billion equity investment for the internet-of-things software company from Rockwell Automation ( ROK ) as part of a broader partnership agreement between the software developers. Rockwell will acquire an 8.4% ownership stake in PTC, buying just over 10.5 million shares of its common stock at $94.50 apiece, representing an 8.6% premium to the company's closing price on Friday. PTC expects to use the investment proceeds to repurchase stock to offset dilution of other investors and has raised its stock buyback target by an additional $300 million to $1.5 billion overall. Rockwell CEO Blake Moret also will join the PTC board of directors.

In other sector news:

+ RF Industries ( RFIL ) surged to a more than four-year high on Monday, streaking nearly 41% higher to its best share price since Dec. 2013 at $8.80 a share after today reporting huge jumps in its fiscal Q2 financial results compared with year-ago levels. The company earned $0.34 per share during the three months ended April 30, up from just $0.01 per share during the same quarter last year. It also generated a record $22.4 million in revenue, or almost triple year-ago levels. Analyst estimates were not available for comparison.

+ Electronic Arts ( EA ) was staying on positive ground Monday, rising just over 1% in recent trading, following reports it will soon begin offering game subscriptions for the first time. The $15-per-month subscriptions should become available later this summer and provide early and full access to its latest PC games like "Battlefield V" and "FIFA 19," which typically cost about $60 each, according to The Wall Street Journal.

- Splunk ( SPLK ) was back near Monday's starting mark this afternoon, paring a larger decline previously in the session that followed the big-data analytics company announcing a definitive agreement to acquire VictorOps, a business-to-business service, for around $120 million. The proposed transaction is expected to close during Splunk's fiscal Q2 ending July 31, with Splunk adding it expects to pay the entire $120 million price-tag using cash on hand.

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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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