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

Technology stocks were narrowly lower on Tuesday, with the SPDR Technology Select Sector ETF slipping 0.1% although the Philadelphia Semiconductor Index was rising 0.7% this afternoon.

In company news, Virgin Galactic Holdings (SPCE) fell over 12% 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.

SilverSun Technologies (SSNT) 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.

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.

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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