Technology Sector Update for 04/02/2020: NXPI,MSFT,EPAM,ZM

Top Tech Stocks

MSFT +0.71%

AAPL -0.03%

IBM +3.33%

CSCO +2.20%

GOOG +0.85%

Technology stocks were mostly climbing on Thursday, with the SPDR Technology Select Sector ETF advancing 1.9% while the Philadelphia Semiconductor Index was rising 2.5%.

Among technology stocks moving on news:

(+) NXP Semiconductors (NXPI) rose 3.8% after the chipmaker Thursday said it is expanding its partnership with Microsoft (MSFT) and will provide software developers using its MCUXpresso kit with a broader range of processing solutions through Microsoft's Azure real-time operating system. The company said the turn-key integration is expected to simplify nearly every step of the development cycle, reduce production costs and help bring new applications to market sooner.

In other sector news:

(-) EPAM Systems (EPAM) was fractionally lower, giving back a small late-morning gain that followed the software development services company saying it had teamed up with telemedicine company Curogram to launch a simplified COVID-19 crisis response and patient engagement platform that will include the only two-way text messaging application on the market working directly with any electronic health record system.

(-) Zoom Video Communications (ZM) dropped more than 11% following reports aerospace manufacturer SpaceX has barred use of Zoom's video conferencing application due to "significant" privacy and security concerns. "We understand that many of us were using this tool for conferences and meeting support," SpaceX said in an internal memo obtained by Reuters, and instead encouraged employees to use email, text or phone as alternate ways to communicate.

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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