Technology Sector Update for 04/12/2019: VG,INFY,SMAR,CAMP

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MSFT +0.35%

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CSCO +1.21%

GOOG +0.94%

Technology stocks were finishing near their session highs, with the shares of tech stocks in the S&P 500 rising more than 0.6% while the Philadelphia Semiconductor Index has jumped over 1.3% higher.

Among technology stocks moving on news:

(-) Vonage (VG) was down almost 4% in late trade, paring a more than 7% decline that followed the voice over internet protocol services company Friday saying Dennis Fois was stepping down as president of its applications operation on April 30. CEO Alan Masarek will replace Fois on an interim basis while the company looks for a permanent replacement, it said.

In other sector news:

(+) Smartsheet (SMAR) was 4% higher after Needham began analyst coverage of the cloud-based work collaboration platform company with a buy investment recommendation and a $45 price target.

(+) CalAmp (CAMP) was fractionally higher on Friday after the telematics systems and software firm said the US Court of Appeals for the Federal Circuit has remanded Omega Patents' suit alleging CalAmp infringed on some of its patents back to a lower court for a new trial.

(-) Infosys (INFY) dropped 4% on Friday after the technology consulting and outsourcing firm forecast FY20 revenue trailing analyst estimates. The company is projecting a 7.5% to 9.5% increase in revenue during the 12 months ending next March, representing a range of INR888,756 to INR905,291 based on its INR826,750 in revenue during the just-completed FY19. Analysts, on average, are expecting a slightly more than 10% increase this year to INR910,333.

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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