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.

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