Technology

Technology Sector Update for 09/03/2019: TUFN, EML, PHUN

Top Technology Stocks:

MSFT: -0.88%

AAPL: -1.57%

IBM: -0.89%

CSCO: -0.45%

GOOG: -0.26%

Technology stocks were slipping in midday trading, with the shares of tech stocks in the S&P 500 down 1.2% in value and the Philadelphia Semiconductor Index also falling 2%.

Among tech stocks moving on news:

(+) Tufin (TUFN) was gaining 1.3% after the network security company reported a smaller-than-expected loss in Q2. Non-GAAP net loss was $0.18 per share compared to a loss of $0.28 per share in the 2018 period, better than the consensus estimate of $0.20 loss per share in a Capital IQ survey.

In other stock news:

(+) The Eastern Company (EML) was up 2% after acquiring Big 3 Precision Products and Big 3 Precision Mold Services from TVV Capital for $81.7 million.

(+) MAM Software Group (MAMS) was jumping 13.5% after it agreed to be acquired by Kerridge Commercial Systems in an all-cash transaction valued at about $154.2 million. Under the agreement, MAM stockholders will receive $12.12 per share in cash for each common share of the company, representing a 14% premium over the closing price on Aug. 30.

(+) Phunware (PHUN) was advancing 5% after it unveiled partnerships it said would implement its Multiscreen-as-a-Service (MaaS) platform at Buffalo Heights, a mixed-use real estate development in Houston.

(+) Resonant (RESN) was gaining 5% in value after it filed a registration statement for the sale of up to 1.2 million shares of common stock held by selling stockholders for a maximum offering price of up to $3.13 per share, or $3.7 million in aggregate.

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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TUFN EML PHUN

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