Technology Sector Update for 07/16/2020: DELL,VMW,BOXL,SPCE,TWTR

Technology stocks pared a portion of their earlier declines, with the SPDR Technology Select Sector ETF declining 1.0% in late trade while the Philadelphia Semiconductor Index was slipping just 0.1%.

In company news, Dell Technologies (DELL) advanced over 12% on Thursday after saying it was exploring a potential spin-off of its 81% ownership stake in software maker VMware (VMW) and has formed a special board committee to evaluate potential offers. VMware also was narrowly higher in late trading.

Boxlight Corp (BOXL) rallied Thursday, at one point climbing over 95% to its highest share price in two years at $4.65, amid rising investor interest in distance learning and after the interactive technology company said it received two Awards of Excellence from Tech & Learning magazine for its Boxlight-EOS distance-teaching training platform for teachers and for its MySTEMKits 3D-printing curriculum.

Virgin Galactic (SPCE) rose nearly 13% after the private-spaceflight company late Wednesday named former Walt Disney Co (DIS) executive Michael Colglazier as its new CEO, succeeding George Whitesides who will become chief space officer beginning on Monday, July 20. Colglazier previously was president and managing director at Disney Parks International.

Twitter (TWTR) declined 1.2% after the company continued its probe into hackers targeting several high-profile accounts, including those of former vice president Joe Biden, Tesla (TSLA) chief executive Elon Musk, Amazon (AMZN) CEO Jeff Bezos, and Microsoft (MSFT) founder Bill Gates, to scam other Twitter users by promising to double all payments they made using Bitcoin cyber-currency.

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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