Technology Sector Update for 04/08/2020: FNJN,JNPR,FVRR,PINS,RNG

Top Tech Stocks

MSFT +0.56%

AAPL +1.96%

IBM +3.12%

CSCO +2.10%

Technology stocks were ending higher on Wednesday, with the SPDR Technology Select Sector ETF advancing 1.9% while the Philadelphia Semiconductor Index was rising 2.9%.

Among technology stocks moving on news:

(+) Finjan Holdings (FNJN) climbed over 17% after the cybersecurity company Wednesday said the US Patent and Trademark Office's Patent Trial and Appeal Board determined its filing was patentable in a challenge by Juniper Networks (JNPR) over its prior art.

In other sector news:

(+) Fiverr International (FVRR) raced 29% higher after the online platform for freelance services Wednesday projected Q1 revenue and adjusted EBITDA to exceed its prior outlook by a small margin. In a letter to investors, CEO Micha Kaufman said Fiverr has enjoyed a strong start to 2020 and did not feel the impact of the COVID-19 pandemic until the third week of March, experiencing a 10% to 15% sequential decline in activity.

(+) RingCentral (RNG) was nearly 12% higher after Evercore ISI began coverage of the networking software-as-a-service company with an outperform rating and a $240 price target.

(+) Pinterest (PINS) rose 12% after late Tuesday saying it expects to report Q1 revenue in a range of $269 million to $272 million compared with the Capital IQ consensus looking for $268.9 million in revenue at the social network website during the three months ended March 31.

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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