Technology
SOL

Technology Sector Update for 07/24/2020: SOL,MXL,INTC,VNE

Technology stocks climbed off their session lows, with the SPDR Technology Select Sector ETF declining 1.5% while the Philadelphia Semiconductor Index was dropping 1.8% shortly before Friday's closing bell.

In company news, ReneSola (SOL) rose over 9% after the solar-energy components company Friday said it has secured a $12.1 million bridge facility with the Eiffel Energy Transition Fund to fund construction of 19 megawatts of solar projects in Poland.

MaxLinear (MXL) was 1% lower this afternoon, giving back a nearly 5% gain earlier Friday after the systems-on-chip company reported a 21% year-over-year decline in Q2 revenue to $65.2 million, narrowly lagging the Capital IQ consensus for $65.3 million and upstaging better-than-expected adjusted Q2 earnings.

Intel (INTC) declined over 16% after the chipmaker issued a downbeat Q3 forecast and said its next-generation 7-nanometer CPU would be delayed by around six months until 2022. The company also said it was exploring "contingency plans," including having a third-party manufacturer produce some of its products.

Veoneer (VNE) sank almost 20% after the automotive safety electronics company reported a nearly 63% drop in Q2 net sales from year-ago levels to $184 million, trailing the Capital IQ consensus for $213 million.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

SOL MXL INTC VNE

Latest Technology Videos

MTNewswires

Founded in 1999, MT Newswires (formerly known as Midnight Trader) is a leading provider of original source, multi-asset class, real-time, global financial news and information to most of the largest banks, brokerage firms and professional market data, trading & research applications in North America.

Learn More