Sector Update: Tech Stocks Sink, Led by Chipmakers

Monday, January 27, 2020 3:43 PM | MT Newswires

Top Tech Stocks

MSFT -1.42%

AAPL -2.85%

IBM -1.08%

CSCO -2.51%

GOOG -2.15%

Technology stocks fell hard on Monday afternoon, with the shares of tech stocks in the S&P 500 declining 2.2% while the Philadelphia Semiconductor Index was sinking over 3.6%.

Among technology stocks moving on news:

(+) Instructure (INST) was narrowly higher in late Monday trade following reports Institutional Shareholder Services recommended investors vote against the company's proposed $2 billion sale to private equity firm Thoma Bravo, citing concerns about the process and an "uncompelling" valuation for the deal, according to Reuters, which saw the ISS note. Separately, a new regulatory filing late Friday showed institutional investors Nine Ten Partners recently selling nearly 1.24 million shares and trimming its ownership stake in the specialty software firm to 5.18% from 9.18% previously.

In other sector news:

(-) Comtech Telecommunications (CMTL) declined by about 1% on Monday. The networking equipment manufacturer said it received a $1.1 million contract to provide troposcatter equipment and services to an unnamed military unit in eastern Europe. The new contract includes upgrading the customer's existing transportable troposcatter terminals and extending the upgrade across the remaining fleet terminals as well as boosting the reliability of the troposcatter system and reducing maintenance needs.

(-) Voxeljet (VJET) was down 1% late Monday afternoon after the 3-D printer-maker said the New York Stock Exchange has accepted its plan to regain compliance with NYSE rules requiring listed companies to maintain at least $50 million in shareholders equity. The company in June reported around $45.4 million in shareholder equity.

Price: 47.97, Change: +0.13, Percent Change: +0.27

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