Technology

Technology Sector Update for 12/24/2018: SNAP,ACN,BNSO

Top Tech Stocks

MSFT, -4.31%

AAPL, -2.69%

IBM, -2.95%

CSCO, -3.73%

GOOG, -0.34%

Technology stocks tumbled, with shares of tech companies in the S&P 500 losing 2.7% in value, while the Philadelphia Semiconductor Index fell 2.9%.

Among technology stocks moving on news:

(+) Snap ( SNAP ) climbed 4% on Monday. The Wall Street Journal reported that CEO Evan Spiegel presented the redesign of the picture- and video-sharing application to senior managers in late 2017 as a done deal. He also set a strict timeline for the release of the redesign -- which was harshly criticized -- and rejected pleas for additional time, some of the sources said, the Journal reported.

In other sector news:

(-) Accenture ( ACN ) retreated Monday, dropping 2.6%, after SunTrust cut its price target on the technology consultant's shares by $21 to $157.

(-) Bonso Electronics International ( BNSO ) slid 5.7% after the electronic components company warned it could potentially lose significant revenue during its current FY19 ending March 31, 2019, and during FY20 after a tenant at its factory in Shenzhen, China, announced plans to terminate its lease agreement.

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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