Technology

Technology Sector Update for 10/10/2016: TWLO,NXTD,TWTR

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MSFT +0.32%

AAPL +2.18%

IBM +0.87%

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GOOG +1.48%

Technology stocks were broadly higher Monday, with shares of tech companies in the S&P 500 jumping out to a 0.8% advance.

In company news, Twilio Inc ( TWLO ) slumped Monday after the cloud communications company late Friday said it filed plans to sell $50 million of its class A common stock through a follow-on offering that will also include some of its institutional and individual investors selling another $350 million of Twilio shares.

The company plans to use net proceeds for working capital as well funding its growth strategies, including investments intended to bolster its sales and marketing, engineering and customer support teams and enhancing its technology platform and growing its developer community, according to the preliminary prospectus.

TWLO shares were down over 10% at $54.48 apiece, earlier falling to a session low of $52.67 a share.

In other sector news,

(+) NXTD, (+5.3%) Sees Q3 revenue growing to around $3 mln, a 617.5% increase over the year-ago period, with revenue from its LogicMark acquisition in July accounting for 90% of the increase.

(-) TWTR , (-13.7%) Several potential suitors reportedly have decided to not bid on the company, according to Bloomberg.

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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