Technology Sector Update for 08/31/2018: AMBA,VHC,AAPL,QCOM,SAMN

Top Tech Stocks

MSFT +0.10%

AAPL +1.23%

IBM +0.26%

CSCO +1.17%

GOOG -1.89%

Technology stocks weakened slightly this afternoon, with the shares of tech stocks in the S&P 500 reversing a small mid-day gain to trade less than 0.1% lower in late trade while the Philadelphia Semiconductor Index still was nearly 0.6% higher.

Among technology stocks moving on news:

(-) Ambarella ( AMBA ) slid to a four-year low on Friday, sinking nearly 14% to its lowest share price since August 2014 at $34.33 each, after the systems-on-a-chip company projected Q3 revenue in a range of $55.5 million to $58.5 million, trailing the Capital IQ consensus for the three months ending Oct. 31 by at least $14.9 million. The below-consensus outlook prompted analysts at least two brokerages to cut their respective price targets for the company's stock, with Cowen & Co dropping its price target for Ambarella shares by $11 to $54 while Dougherty & Co lowered its price target by $5 to $50 a share.

In other sector news:

(+) VirnetX Holding Corp ( VHC ) was more than 16% higher in Friday trade, giving back part of a 22% spike soon after Friday's opening bell after U.S. District Court Judge Judge Robert Schroeder late Thursday rejected a motion by Apple ( AAPL ) seeking a new trial in the companies' long-running patent dispute, according to reports. A federal jury in April found Apple had infringed on four VirnetX patents and awarded the smaller firm $502.6 million in damages.

(+) Qualcomm ( QCOM ) was narrowly higher on Friday, rising almost 1%, after the specialty chipmaker said it repurchased more than 76.2 million of its shares for $5.1 billion, or about $67.50 each during its modified Dutch auction tender offer that expired Monday.

(-) Sanmina ( SANM ) was more than 1% lower after the electronic components manufacturer Friday said chief executive officer Bob Eulau has resigned from the company. Executive board chairman Jure Sola will lead the company as interim CEO through Oct. 1 when Michael Clarke takes over as the permanent chief executive.

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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