Technology Sector Update for 07/12/2019: HIMX,INFY,WORK,MDB

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Technology stocks were finishing near their session highs this afternoon, with the shares of tech stocks in the S&P 500 adding 0.7% in value while the Philadelphia Semiconductor Index was rising almost 1.9%.

Among technology stocks moving on news:

(+) Himax Technologies (HIMX) dropped 8% after Roth Capital lowered its investment recommendation for the fabless chipmaker to neutral from buy and cut its price target for the company's stock by $1.50 to $3.50 a share.

In other sector news:

(+) Infosys (INFY) climbed more than 6% on Friday after the Indian technology and outsourcing services company reported a 10.6% increase in Q1 revenue over year-ago levels, rising to INR218.03 billion from INR191.3 billion during the period last year and beating the INR216.52 billion Capital IQ consensus. Infosys also raised its forecast for FY20 revenue growth to a new range expecting an 8.5% to 10% rise from its prior outlook modeling 7.5% to 9.5% growth and also increased its capital allocation strategy, with plans to distribute 85% of its free cash flow, up from 70% previously.

(-) Slack Technologies (WORK) declined almost 4% Friday afternoon. Stephens Friday began analyst coverage of the business communications platform with an overweight stock rating and a $43 price target.

(-) MongoDB (MDB) dropped 3% on Friday after the data-base company said shareholders participating at its annual meeting on Thursday overwhelmingly voted to review the compensation paid each year to its named executive officers on a non-binding advisory basis. More than 120 million shares were voted in favor of yearly reviews compared with 19,483 and over 3.7 million shares voted for reviews every two or three years, respectively.

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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