Technology stocks recaptured most of their prior gains in late afternoon trading, with the shares of tech stocks in the S&P 500 adding almost 0.7% in value, supported by a more than 1.2% increase for the Philadelphia Semiconductor Index Tuesday afternoon.
Among technology stocks moving on news:
(+) Intel (INTC) climbed less than 1% on Tuesday, largely resisting downward pressure from a New York Times report highlighting Amazon.com's (AMZN) growing expertise with chip-making. The online retailer has no plans to sell its chips to consumers but the recent development still places Amazon in competition with Intel, which has traditionally dominated the global server market and has been the chipmaker's best source for revenue growth in recent years.
In other sector news:
(-) LightPath Technologies (LPTH) rose over 6% at one point on Tuesday before finishing nearly 1% lower after announcing a $5.9 million supply contract calling on the electronic components firm to produce a variety of elements of infrared optical lens elements for an unnamed "major" maker of infrared vision products.
(-) CalAmp (CAMP) fell more than 18% to its lowest share price since November 2016 after at least two firms downgraded their investment recommendations for the telematics company and one of them, First Analysis, also trimmed its price target on the company's stock by $7 to $22 a share. The downgrades came after the company late Monday forecast earnings and revenue below Wall Street expectations.
(-) SeaChange International (SEAC) slid over 26% on Tuesday to a record low of $1.31 a share after the software company cut its FY19 revenue projections to a new range of $61 million to $65 million, trailing the Capital IQ consensus for the 12 months ending Jan. 31 by at least $4.6 million.
Price: 47.80, Change: +0.42, Percent Change: +0.89
|MT Newswires' Analyst Notebook: RTN|
|MT Newswires' Analyst Notebook: IP|
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