Technology Sector Update for 07/27/2020: SAP, XLK, IGM, INFY, SCON

Technology stocks were advancing pre-bell Monday as the Technology Select Sector SPDR ETF (XLK) was 0.73% higher and the iShares S&P North American Technology ETF (IGM) was up 0.61% recently.

SAP (SAP) was more than 2% higher as it reported an increase in revenue and operating profit in the second quarter and confirmed its outlook for the full-year 2020. The company earlier unveiled plans to take Qualtrics, a firm acquired in January 2019 for about $8 billion, through an initial public offering in the US.

Infosys (INFY) was advancing by more than 2% after saying it is working with Consolidated Edison Co., an energy company, to digitally transform the latter's customer service capabilities over the next four years.

Superconductor Technologies (SCON) was still up 5%. The company late Friday said it has increased the combined value of its shareholder equity above the Nasdaq market's $10 million minimum, regaining compliance with one of two listing deficiencies for the semiconductor materials company.

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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