Technology Sector Update for 07/14/2020: WIT,ITI,CMTL

Technology stocks were edging higher in Tuesday trading, with the SPDR Technology Select Sector ETF marginally higher and the Philadelphia Semiconductor Index was rising 0.5% in recent trade.

In company news, Wipro (WIT) was 1.2% higher after the Indian software services company announced its purchase of Brazilian IT services provider IVIA Servicos de Informatica for an undisclosed amount. Wipro Tuesday also reported improved Q2 results compared with year-ago levels, earning INR4.19 per share ($0.06) on INR149.1 billion in revenue and exceeding the Capital IQ consensus expecting a INR3.70 per share profit and $149.06 billion in revenue.

Iteris (ITI) advanced 1.3% after announcing a contract worth up to $9 million from the Federal Highway Administration to develop a training program for the National Highway Institute. The federal agency also will use the company's ClearMobility platform to support interoperability and autonomous vehicle preparedness, Iteris said.

Comtech Telecommunications (CMTL) also was 2.9% lower. The networking equipment company said Tuesday its Comtech Systems subsidiary received a $1 million order from privately held ADS Inc during its current Q4 ending July 31 for Compact Over-the-horizon Mobile Expeditionary Terminal to be used by the US Army Special Operations Command.

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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