Top Tech Stocks
Technology stocks were climbing in recent trading, with the shares of tech stocks in the S&P 500 adding nearly 0.5% in value while the Philadelphia Semiconductor Index was more than 0.6%.
Among technology stocks moving on news:
- Elbit Systems ( ESLT ) has turned lower Tuesday afternoon, giving back a nearly 1.5% advance that previously followed the avionics company early Tuesday saying it has received an $85 million, 10-year contract to supply electronic warfare suites to the Israeli Ministry of Defense for its Navy corvettes selected to protect Israel's Economic Exclusion Zone.
In other sector news:
- Alibaba ( BABA ) was holding on to a nearly 2% advance on Tuesday that followed reports the Chinese online retailer will soon merge its Ele.me food delivery platform with its Koubei food and lifestyle services firm and then seek to raise between $3 billion and $5 billion for the combined entity later this year. Both firms are competing with Tencent Holdings-backed Meituan Dianping for dominance of the booming on-demand services market, Reuters said.
- Taiwan Semiconductor ( TSM ) was posting narrow declines on Tuesday, slipping as much as 0.5% lower, after the chipmaker said a computer virus forced a shutdown at several of its factories last weekend, resulting in shipping delays and other product disruptions that will likely take a 3% bite out of its Q3 revenue projections.
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