Technology Sector Update for 05/20/2019: STM,SATS,DISH,KEYS

Top Tech Stocks

MSFT -1.16%

AAPL -3.46%

IBM +0.46%

CSCO -0.65%

GOOG -2.00%

Technology stocks were retreating again, with the shares of tech stocks in the S&P 500 dropping nearly 1.6% in value while the Philadelphia Semiconductor Index was falling over 3.3%.

Among technology stocks moving on news:

(-) STMicroelectronics NV (STM) slipped 7.8% in afternoon trading. The chipmaker Monday disclosed in a new regulatory filing it repurchased 347,605 of its shares between May 13 to May 17, paying EUR5.17 million, or about EUR14.8722 per share, on average.

In other sector news:

(+) EchoStar (SATS) climbed 3.6% on Monday after agreeing to sell its broadcast satellite service business to Dish Network (DISH) for $800 million in stock, receiving around 22.9 million shares of Dish common shares. The deal is expected to wrap up before the end of the year, subject to closing conditions.

(-) Keysight Technologies (KEYS) dropped more than 9% after Robert W. Baird lowered its investment recommendation on the electronic design and test company to neutral from outperform previously.

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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