Technology

Technology Sector Update for 09/13/2018: GTYH,QCOM,CMCM,ADBE,BAC,C,MS,MSFT,ORCL

Top Tech Stocks

MSFT +0.73%

AAPL +2.10%

IBM +1.54%

CSCO +0.52%

GOOG +0.80%

Technology stocks were finishing with strong gains on Thursday, with the shares of tech stocks in the S&P 500 adding over 0.9% in value while the Philadelphia Semiconductor Index was pushing out to a nearly 1.1% advance.

Among technology stocks moving on news:

(-) GTY Technology Holding ( GTYH ) was narrowly lower in late trade after the business development company late Wednesday announced its purchase of CityBase Inc. for $160 million in cash and stock. CityBase helps local governments and utilities digitize manual and fragmented payment and administrative processes and will operate as a wholly owned business unit of GTY after the transactions closes.

In other sector news:

(+) Cheetah Mobile ( CMCM ) rose as much as 8% on Thursday after the mobile internet company authorized a new stock buyback program for up to $100 million of its American depositary shares over the next 12 months. said it has set up a share buyback program to buy with an aggregate value of up to $100 million over the next 12-month period.

(+) Qualcomm ( QCOM ) climbed to its highest share price since December 1999, rising over 4% and topping out at $74.88 a share after the specialty chip-maker said it has entered into accelerated share repurchase agreements with Bank of America, Citibank and Morgan Stanley & Co. to repurchase a combined $16 billion of its common stock, beginning with the repurchase of 178 million shares. The stock also was finding support Thursday after analysts at Barclays began coverage of the company's stock with an Overweight stock rating and a $95 price target.

(+) Adobe Systems ( ADBE ) was fractionally higher Thursday afternoon, recovering from a more than 1% mid-morning decline following reports it was in talks to acquire cloud-based marketing software firm Marketo. The target company specializes in business-to-business marketing applications and a deal would allow Adobe to increase its cloud-based software offerings as it competes with larger rivals Microsoft ( MSFT ) and Oracle (ORCL).

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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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