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

Technology stocks reversed their earlier declines, with the SPDR Technology Select Sector ETF advancing 0.5% while the Philadelphia Semiconductor Index was rising 1.3% in late trade.

In company news, DXC Technology (DXC) was sinking almost 1% this afternoon, and the information technology company earlier saying property and casualty insurer Goodville Mutual Casualty Company has selected its DXC Assure Claims unit to streamline its claims operations and simplify the claims process for customers and agents. Financial terms of the new contract were not disclosed.

Comtech Telecommunications (CMTL) declined 2%. The networking equipment company Tuesday said 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 Terminals to be used by the US Army Special Operations Command.

To the upside, Iteris (ITI) advanced 3.7% 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.

Wipro (WIT) was 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 the year-ago period, earning INR4.19 per share on INR149.1 billion in revenue. Analysts, on average, had been expecting an INR3.70 per-share profit on $149.06 billion in revenue.

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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