Technology Sector Update for 10/10/2019: ZEN,ENPH,SWKS,ALTR

Top Tech Stocks

MSFT +0.56%

AAPL +1.33%

IBM +0.96%

CSCO -1.53%

GOOG +0.45%

Technology stocks backed down from their prior gains earlier Thursday that followed the White House approving special licenses for selected US firms to work with Huawei Technologies, the Chinese networking equipment company that was blacklisted by the US Commerce Department in mid-May. At last look, the shares of tech stocks in the S&P 500 were climbing almost 0.6% while the Philadelphia Semiconductor Index was posting a more than 0.9% gain.

Among technology stocks moving on news:

(-) Zendesk (ZEN) retreated this afternoon, sinking almost 5%. T Rowe Price Thursday posted a new regulatory filing that showed the investment advisor owned almost 11.5 million of the software firm's shares on Sept. 30, acquiring an additional 5.4 million shares since the beginning of the year and boosting its overall stake in the company to 10.3%.

In other sector news:

(+) Skyworks Solutions (SWKS) climbed more than 5% after Cowen & Co upgraded the specialty chipmaker to outperform from market perform.

(+) Enphase Energy (ENPH) rose over 1% after the company said residential solar installation company Venture Solar is using its microverters and other home energy management products as the residential solar installation firm expands its service territory into Connecticut and Massachusetts from New York City and Long Island. Financial terms of the transaction were not disclosed.

(+) Altair Engineering (ALTR) was 1% higher this afternoon. The cloud and software services company Thursday announced its acquisition of South Korean software firm Polliwog Co, which provides electronic design automation software to the electronics industry. Financial terms of the transaction were not disclosed.

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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