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Technology Sector Update for 08/06/2018: FB,ETM,SIGM,IBM

Top Tech Stocks

MSFT +0.03%

AAPL +0.49%

IBM -1.22%

CSCO +1.13%

GOOG +0.01%

Technology stocks firmed in late trading, with the shares of tech stocks in the S&P 500 were adding over 0.5% in value while the Philadelphia Semiconductor Index was climbing more than 0.4%.

Among technology stocks moving on news:

+ Facebook ( FB ) advanced as much as 4% on Monday after the social networking company denied reports it asked several large U.S. banks to share detailed financial information about their customers, including credit card transactions and checking account balances, as part of efforts to offer new services to users. Responding to a Wall Street Journal report, Facebook said assertions "we are actively asking financial services companies for financial transaction data - this is not true."

In other sector news:

+ Consolidated Communications Holdings ( CNSL ) rose almost 5% on Monday after saying it has reached tentative three-year agreements with the unions representing about 1,200 workers of its employeesin northern New England. The new pacts still must be ratified by members of the International Brotherhood of Electrical Workers and the Communication Workers of America.

+ Sigma Designs was posting a small gain Monday afternoon, rising less than 1%, after late Friday saying it plans to voluntarily withdraw its stock from the Nasdaq Global Select market and submit a Form 25 filing with the U.S. Securities and Exchange Commission on August 15, with the delisting of its stock becoming effective 10 days later.

- IBM ( IBM ) was slipping in Monday afternoon trading after the technology-services company disclosed the opening of X-Force Red Labs, a network of four secure facilities to test the security of devices and systems. IBM also launched an ATM Testing practice in response to increased demand for securing financial transaction systems, the company said in a statement.

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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