Technology Sector Update for 06/25/2019: MCHP,COUP,AMZN,RIOT,NOK,ERIK

Top Tech Stocks

MSFT -3.33%

AAPL -1.43%

IBM -0.69%

CSCO -1.63%

GOOG -2.68%

Technology stocks continued their retreat this afternoon, with the shares of tech stocks in the S&P 500 sliding more than 1.8% lower while the Philadelphia Semiconductor Index was falling over 1.1%.

Among technology stocks moving on news:

(-) Microchip (MCHP) slipped nearly 1% after Wells Fargo began analyst coverage of the chipmaker with an outperform investment rating and a $105 price target.

In other sector news:

(+) Riot Blockchain (RIOT) rose 8.5% on Tuesday amid the recent rally in Bitcoin, which was over $11,000 Tuesday.

(-) Nokia (NOK) and Ericsson (ERIC) were declining Tuesday, each falling about 1%. Roughly one dozen telecom carriers serving rural America now using Huawei network gear reportedly are talking with the tech equipment manufacturer to replace that equipment after the Trump Administration recently labeled the Chinese firm a security risk and effectively banned its U.S. sales. The carriers are seeking discounted pricing and are also hoping for government assistance but have yet to reach agreements, sources familiar with the matter told Reuters.

(-) Coupa Software (COUP) slipped 3.5% during Tuesday trade. The business spending management firm said it was expanding its partnership with Amazon (AMZN) to allow clients to search for, buy and deploy thousands of software products in Amazon Web Services using the Coupa Open Buy platform.

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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