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Technology Sector Update for 09/15/2016: CRUS,AAPL,TMUS,S,ACTG,SQNS

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MSFT +1.83%

AAPL +3.27%

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CSCO +1.18%

GOOG +1.38%

Technology stocks were outpacing other sectors in Thursday's market advance, with shares of tech companies in the S&P 500 jumping out to a 1.7% gain.

In company news, Cirrus Logic ( CRUS ) raced to a new record high on Thursday following reports of brisk demand for the latest Apple ( AAPL ) iPhone model.

The iPhone 7 and iPhone 7 Plus smartphones won't reach stores until Friday but several mobile carriers reportedly have already sold out their initial allotments with T-Mobile US ( TMUS ) yesterday saying pre-sales for the new smartphone broke its previous iPhone record by a wide margin. Sprint ( S ) said its weekend pre-orders were up more than 375% over the first three days of iPhone 6 advance sales.

Cirrus produces the hardware used in iPhones to compress voice and video data in addition to other components and has long depended on Apple for the lion's share of its business. The iPhone company was responsible for about 68% of its total sales during its fiscal Q1 ended June 25, according to the Cirrus' 10-Q financial report filed with regulators today.

CRUS shares were up over 7% in late trade at $55.12 apiece, easing somewhat from a prior run to a new all-time high of $55.24 a share. AAPL shares were up more than 3% this afternoon, rising for a fourth day in a row to $115.54. TMUS and S shares were up about 2.7% and 4.3%, respectively.

In other sector news,

(+) ACTG, Cellular Communication Equipment LLC affiliate wins $22 mln judgment in intellectual property lawsuit, with a federal jury in Tyler, Texas, finding willful patent infringement by Apple ( AAPL ).

(-) SQNS, Prices $22.9 mln public offering of 15.2 mln American depository shares at $1.65 per ADS, a 13.1% discount to Wednesday's closing price.

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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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