Sector Update: Tech Stocks Posting Small Gains

2:02PM ET 7/17/2019 MT Newswires
Top Tech Stocks

MSFT +0.03%

AAPL +0.18%

IBM -0.29%

CSCO -0.14%

GOOG -0.40%

Technology stocks were rising Wednesday afternoon, resisting declines for most industry sectors on Wednesday. At last look, the shares of tech stocks in the S&P 500 were climbing almost 0.1% while the Philadelphia Semiconductor Index was ahead nearly 0.4%.

Among technology stocks moving on news:

(+) Globant SA (GLOB) rose 2% on Wednesday. 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.

In other sector news:

(+) ASML Holding (ASML) was 7% higher Wednesday afternoon, retracing most of a 7% mid-morning advance for the Dutch chipmaker after it reported 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.

(+) Qualcomm (QCOM) was slightly more than 1% 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.