Top Tech Stocks
Technology stocks as a group hung on for a small advance on Wednesday, with the shares of tech stocks in the S&P 500 climbing almost 0.1% although the Philadelphia Semiconductor Index still was over 0.5% higher.
Among technology stocks moving on news:
(-) General Electric ( GE ) slid almost 3% lower on Wednesday after the industrial and technology conglomerate said it was partnering with private-equity investors BlackRock ( BLK ) to create a stand-alone solar energy company. GE will retain 20% of Distributed Solar Development, which was started within its renewable energy unit in 2012 and operated as GE Solar.
In other sector news:
(+) ASML Holding ( ASML ) was more than 6% higher Wednesday afternoon, retracing most of a 7% mid-morning advance for the Dutch chipmaker after i t report ed Q2 net income and revenue topping Wall Street expectations. The company earned EUR1.13 ($1.27) per share, slipping from net income of EUR1.37 per share during the same quarter last year and beating the Capital IQ consensus looking for an EUR0.93 per share Q2 profit.
(+) Globant SA ( GLOB ) turned lower in late trade, reversing a 2% mid-day gain, Citigroup earlier in the session lowered its stock rating for the Luxembourg-based technology services company to neutral from buy but also raised its price target for Globant shares by $22 to $115 apiece.
(+) Qualcomm ( QCOM ) was fractionally higher on Wednesday after the US Justice Department asked a federal appeals court to suspend enforcement of an antitrust ruling against the company, arguing it would be nearly impossible to replace the chipmaker's crucial role implementing 5G technology. The DOJ also said it was likely Qualcomm will win its appeal the trial judge ignored established antitrust principles and ordered an overly broad remedy.
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