Technology Sector Update for 03/26/2020: ATEX,WORK,ATEN,SSNC

Top Tech Stocks

MSFT +3.94%

AAPL +2.31%

IBM +4.02%

CSCO +5.02%

GOOG +2.77%

Technology stocks gave in to some late selling, with the SPDR Technology Select Sector ETF still posting a 4.3% advance although the Philadelphia Semiconductor Index this afternoon still was 5.5% higher this afternoon.

Among technology stocks moving on news:

(+) Anterix (ATEX) jumped out to a more than 11% gain after the mobile networking company late Wednesday said it has named Ryan Gerbrandt to be its new chief operating officer. Gerbrandt joins Anterix from privately held Trilliant Networks, where he worked for 13 years.

In other sector news:

(+) Slack Technologies (WORK) climbed 9.3% after Thursday reporting a rapid increase in users of the company's instant messaging platform and paid users amid the expanding COVID-19 lockdown this month. The number of simultaneously connected users rose to 12.5 million by Tuesday from 10.5 million users on March 16 while average use grew by 20%, the company said. It also added 9,000 new paid customers since Feb. 1.

(+) A10 Networks (ATEN) rose 9% after the networking software and equipment company Thursday reaffirmed its Q1 forecast expecting between $51 million to $53 million in revenue, topping the Capital IQ consensus looking for the company to generate $50.3 million in revenue during the three months ending March 31.

(+) SS&C Technologies (SSNC) was ahead 5.5% after the software firm disclosed plans to draw down the remaining $211 million available through its revolving credit facility to boost liquidity during the COVID-19 pandemic. The company earlier in March also borrowed $35 million for "normal seasonal cash flow needs," according to a regulatory filing late Wednesday.

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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