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WBC

Technology Sector Update for 09/20/2018: WBC,NXPI,RHT,GIB,GIB-A.TO

Repeats to include tickers of companies mentioned in report.

Top Tech Stocks

MSFT +1.50%

AAPL +1.0%

IBM +1.4%

CSCO +0.97%

GOOG +1.47%

Technology stocks continued to firm in late trading, with the shares of tech stocks in the S&P 500 ( XLK ) were adding over 1.2% in value while the Philadelphia Semiconductor Index (^SOX) was climbing more than 1.2%.

Among technology stocks moving on news:

(+) Wabco Holdings ( WBC ) advanced as much as 3% on Thursday after the enterprise software company said it was partnering with IVECO on advanced driver assistance systems technology. Wabco is expecting to help improve the safety, efficiency and market competitiveness of IVECO's Stralis and Eurocargo trucks. The companies previously partnered on the ENSEMBLE innovation consortium, a project co-funded by the European Union to develop multi-brand truck platooning for real-world environments.

In other sector news:

(+) NXP Semiconductors ( NXPI ) was rising almost 2% on Thursday, staying with close range of its session high that followed the chipmaker, through a subsidiary, announcing plans for a $1 billion senior unsecured bridge term credit facility. The term loans will mature 364 days after the closing date and bear interest at either LIBOR plus 1.5% or 0.5% above a yet-to-be-determined base rate. Net proceeds will fund general corporate purposes as well as financing a portion of a new stock buyback progam.

(+) CGI Group (GIB,GIB-A.TO) was narrowly higher on Thursday, rising less than 1%, after the Canadian technology services company said it has purchased ckc AG, a German software services firm focusing on the automotive sector. Financial terms of the transaction were not disclosed.

(-) Red Hat ( RHT ) retreated Thursday, sliding as much as 8% lower, after the open-source software seller missed Wall Street projections with its Q2 revenue, reporting a 14% year-over-year increase to $823 million but lagging the Capital IQ consensus by around $5 million. The company beat the analyst mean expecting adjusted net income of $0.82 per share by $0.03 per share but it also trailed Street views with its Q3 outlook, expecting $0.77 per share on between $848 million to $850 million in revenue. Analysts, on average, are modelling an $0.87 per share non-GAAP profit for the current quarter ending Oct. 31 on $862 million in revenue.

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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