Technology

Technology Sector Update for 07/17/2020: NTNX,GOOG,GOOGL,HPE,CSCO,RST,RADA,SINT

Technology stocks padded their narrow gains from earlier this afternoon, with the SPDR Technology Select Sector ETF advancing 0.6% in late trade while the Philadelphia Semiconductor Index was rising 0.7%.

In company news, Nutanix (NTNX) climbed almost 9% on Friday after The Information reported the cloud computing company could be a possible acquisition target, concluding a recent drop in its share price makes the company an "attractive" opportunity despite weaker growth. The report said potential buyers include Alphabet (GOOG,GOOGL), whose Google unit does not offer products that partially run in data centers. The report also identified networking equipment companies Hewlett Packard Enterprise (HPE) and Cisco (CSCO), which both tried to acquire Nutanix before it started public trading.

Rosetta Stone (RST) was extending its session-long advance, climbing more than 24% after Bloomberg, citing people familiar with the matter, reported the language-learning software firm has hired advisers to assist with exploring strategic alternatives, including a potential sale.

Rada Electronics Industries (RADA) turned narrowly lower this afternoon, giving back an early 18% gain, after the Israeli electronics manufacturer said it continues to expect a 47% increase in FY20 revenue over year-ago levels, reaching at least $65 million compared with the two-analyst consensus call looking for $66.8 million in revenue this year. The company also said it received $8 million in new orders since June 1.

Sintx Technologies (SINT) slid 4% lower after the ceramics contract manufacturer announced a $3 million, at-the-market purchase agreement with several unnamed institutional investors for 1.5 million of its common shares priced at $2 apiece.

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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