Sector Update: Tech Stocks Lead Monday Markets Lower

Monday, October 26, 2020 4:03 PM | MT Newswires

Technology stocks pared their Monday retreat, with the SPDR Technology Select Sector ETF losing 2.4% in value this afternoon while the Philadelphia Semiconductor Index also was sinking 2.4%.

In company news, Palantir Technologies (PLTR) climbed 4.7% after the data analytics company said a partnership between its Syntropy subsidiary and German health care giant Merck KGaA will provide data integration support for an industry initiative to improve cancer reporting and research. Analysts at least five firms Monday also began coverage of Plantir with mostly positive ratings, including an overweight and buy investment recommendations at Morgan Stanley and Jefferies, respectively.

Document Security Systems (DSS) also rose over 69% after the anti-counterfeiting and security technology company reported a 59% increase in Q3 revenue over year-ago levels, rising to $4.2 million and beating the two-analyst estimate expecting $3.19 million for the three months ended Sept. 30.

Among decliners, Daqo New Energy (DQ) fell 9.9% after a downgrade of the photovoltaic products company to neutral from buy at Roth Capital, which also cut its price target on Daqo shares to $200 from $220 each.

SAP (SAP) plunged more than 23% after the German software giant reported a larger-than-expected decline in Q3 revenue and also lowered its FY20 sales forecast. The company generated EUR6.54 billion in revenue during the three months ended Sept. 30, down from EUR6.79 billion during the same quarter last year and trailing the Capital IQ consensus expecting EUR6.85 billion.

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