Technology Sector Update for 08/04/2020: SABR,PCE,SSNT,SEDG

Technology stocks declined narrowly on Tuesday, with the SPDR Technology Select Sector ETF slipping 0.2% although the Philadelphia Semiconductor Index was rising 1.1% this afternoon.

In company news, Sabre Corp (SABR) was 4% higher after software and technology firm Tuesday said it has renewed a long-term, global distribution agreement with Air New Zealand. Financial details were not disclosed, but under terms of the contract renewal, Sabre will continue to distribute global Air New Zealand content to travel agents and corporations through its online marketplace.

SolarEdge Technologies (SEDG) raced nearly 21% higher to a best-ever $209.39 a share after late Monday reporting adjusted Q2 net income of $0.97 per share, improving on a $0.94 per share non-GAAP profit during the year-ago period and easily beating the Capital IQ consensus expecting $0.71 per share. Revenue for the photovoltaic components manufacturer grew 2.1% year-over-year to $331.9 million, also exceeding the $319.6 million analyst mean.

SilverSun Technologies (SSNT) also rallied Tuesday, climbing 393% to an intraday high of $13.42, after the software re-seller and technology consultant announced its purchase of privately held managed services provider Prairie Technology Solutions Group. Financial terms were not disclosed.

To the downside, Virgin Galactic Holdings (SPCE) fell over 13% after the space travel company announced plans for a $460 million public offering of nearly 20.5 million common shares, suggesting an offering price of around $22.45 each, or 6.5% under Monday's closing price. The stock also was under pressure after the company reported a Q2 net loss of $0.30 per share compared with a $0.23 per share loss during the same quarter last year and missing the two-analyst consensus call expecting a $0.27 per share net loss.

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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