Technology Sector Update for 08/29/2019: TECD, MSFT, AAPL, IBM, CSCO, GOOG, VTSI

Top Technology Stocks:

MSFT: +1.79%

AAPL: +1.55%

IBM: +1.63%

CSCO: +0.82%

GOOG: +1.83%

Technology stocks remain higher as the closing of the market nears, with shares of tech companies in the S&P 500 adding 1.7% in value, while the Philadelphia Semiconductor Index was rising over 2.4%.

Tech stocks moving on news include:

(+) Tech Data (TECD), which was up 16% in late afternoon trading after it reported fiscal Q2 adjusted earnings of $2.69 per share, up from $2.01 in the same period a year ago and topping the estimate of $2.31 from analysts polled by Capital IQ.

In other stock news:

(+) Matrix Service Co. (MTRX) was rallying 14% after its Matrix Service unit secured a five-year contract as the primary onsite mechanical services contractor at the Shell Puget Sound Refinery. On Wednesday, the company also announced that its COO Joe Montalbano would retire in June, and it has promoted its Matrix Service unit president, Alan Updyke, into an interim role, president operations, from September 3, reporting to Montalbano.

(+) VirTra (VTSI) was up more than 16% in late afternoon trading Thursday after it received a $1.1 million order for equipment and services from the US Secret Service.

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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