Technology Sector Update for 07/15/2020: ENS,GLW,ANY,QUMU,GILT

Technology stocks maintained their narrow advance this afternoon, with the SPDR Technology Select Sector ETF advancing 0.4% although the Philadelphia Semiconductor Index still was slipping 0.2%.

In company news, EnerSys (ENS) was ahead about 4% after Wednesday announcing a strategic collaboration with material science company Corning (GLW) to accelerate the deployment of 5G technologies. The companies are expecting to focus on providing electrical power to small-cell wireless sites by combining EnerSys' batteries and remote-power expertise with Corning's fiber, cable and connectivity capabilities. Corning shares were 1.6% higher this afternoon.

Gilat Satellite Networks (GILT) rose 5.4% after Wednesday saying it was selected by Spanish telecom Telefonica (TEF) to supply a SkyEdge II-c platform and 1,700 very-small-aperture terminal antennas for a satellite communication project in Argentina.

To the downside, Qumu (QUMU) fell 11%. The video-delivery software firm said it expects to report around $9.3 million in Q2 revenue, up more than 72% compared with the prior quarter and topping the Capital IQ consensus looking for $6.7 million in revenue for the three months ended June 30. The company also raised its FY20 revenue forecast by $1 million over its previous guidance to $29 million, also exceeding the $28 million Street view.

Sphere 3D (ANY) tumbled over 19% after the Canadian data management company announced plans to merge with water-as-a-service provider Rainmaker Worldwide, with Sphere 3D shareholders set to own about 20% of the combined companies after the deal closes. Under terms of the proposed transaction, investors will receive 0.33 of a Sphere 3D share for each Rainmaker share in addition to also getting one-third of a warrant to buy another Sphere 3D share for each Rainmaker warrant or option.

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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