Technology

Technology Sector Update for 09/12/2019: WUBA,I,ORCL

Top Tech Stocks

MSFT +1.50%

AAPL +0.98%

IBM +0.14%

CSCO -0.12%

GOOG +1.59%

Technology stocks were rising in afternoon trading, with the shares of tech stocks in the S&P 500 climbing nearly 1% while the Philadelphia Semiconductor Index was rising over 0.5%.

Among technology stocks moving on news:

(-) 58.com (WUBA) dropped over 7% after the Chinese online classifieds firm said its Zhuan Zhuan trading platform for used items has completed a $300 million series B funding round with a group of investors that includes 58.com as majority shareholder and other existing Zhuan Zhuan investors. The deal is expected to close during the final three months of 2019.

In other sector news:

(+) Intelsat SA (I) climbed nearly 3.8%. The satellite company said its Intelsat General Communications unit was launching FlexGround to provide military troops with fast, secure mobile networking and data communications requiring compact terminals.

(-) Oracle (ORCL) slipped 4% after late Wednesday saying co-CEO Mark Hurd was taking a medical leave, with founder Larry Ellison and co-CEO Safra Cruz filling in while Hurd focuses on an undisclosed health issue. The software firm also reported little change in its fiscal Q1 revenue at $9.21 billion, lagging the $9.28 billion 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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WUBA I ORCL