Technology

Technology Sector Update for 12/21/2018: GLOW,TSG,TSGI.TO,IDTI,CAMP

Top Tech Stocks

MSFT -3.45%

AAPL -3.61%

IBM -1.73%

CSCO -1.01%

GOOG -3.06%

Technology stocks continued to fall in late afternoon trading, with the shares of tech companies in the S&P 500 losing nearly 2.9% in value, while the Philadelphia Semiconductor Index was posting a 1.4% decline.

Among technology stocks moving on news:

(-) Glowpoint ( GLOW ) was lower in late Friday trading, giving back a 4% gain that followed the video collaboration company announcing plans to merge with privately held SharedLabs in an all-stock transaction worth about $16.4 million based on Thursday's closing price for its stock. Under terms of the proposed transaction, Glowpoint will issue an additional 112.8 million shares to SharedLabs investors while its shareholders will receive a 34% stake in the combined companies.

In other sector news:

(+) The Stars Group (TSG,TSGI.TO) jumped almost 13% at one point on Friday after the Court of Appeals in Kentucky "reversed in its entirety" an $870 million judgment for the state against the gaming technology company stemming from the company's 2006 acquisition of the PokerStars business that relied on a centuries-old statute allowing losing bettors to seek restitution from winning opponents.

(+) Integrated Device Technology Inc. ( IDTI ) Friday was trading more than 1% higher after disclosing in a new regulatory filing the State Administration for Market Regulation of the People's Republic of China has signed off on Renesas Electronics' proposed $6.7 billion acquisition of the rival chip maker.

(-) CalAmp ( CAMP ) retreated to its worst price since 2013 at $10.91 a share after the networking equipment company projected revenue for its current Q4 ending Feb. 28 trailing the $92.3 million analyst mean by at least $300,000.

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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