Technology

Technology Sector Update for 04/08/2019: MANT,SNE,HLIT,SNAP,TWOU

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MSFT 0.00%

AAPL +1.50%

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Technology stocks were edging higher this afternoon, with the shares of tech stocks in the S&P 500 climbing more than 0.3% in value while the Philadelphia Semiconductor Index was rising almost 0.3%, reversing a prior decline.

Among technology stocks moving on news:

(-) ManTech (MANT) was slipping late Monday, sinking less than 1%, and the cyber-security software company announcing a five-year, $128 million task order to provide broad-based program management and engineering support to the Customs and Border Protection unit of the U.S. Department of Homeland Security.

In other sector news:

(+) Sony Electronics (SNE) climbed 8% on Monday after Reuters reported, citing people familiar with the matter, that hedge fund Third Point is building a stake in the company to push for changes. Also, the consumer electronics company, together with networking equipment company Harmonic (HLIT), introduced an advanced, hybrid ATSC 3.0 functionality for televisions using both over-the-air and the over-the-top components.

(+) Snap (SNAP) rose almost 4% after RBC Capital Markets Monday raised its stock rating on the online picture and video platform to outperform from sector perform and raised its price target on the company's stock by $7 to $17 a share.

(-) 2U (TWOU) dropped nearly 3.5% after the education technology company Monday said it was acquiring privately held rival Trilogy Education Services for $750 million, consisting of $400 million in cash and $350 million in 2U stock.

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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MANT SNE HLIT SNAP TWOU

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