Technology stocks retreated Tuesday, with the shares of tech stocks in the S&P 500 dropping nearly 1.4% while the Philadelphia Semiconductor Index was falling over 1.9% in late trade.
Among technology stocks moving on news:
(-) Intelsat (I) slid nearly 7% lower on Tuesday after French satellite operator Eutelsat said it was leaving the C-Band Alliance and would instead take a "direct active" role in clearing and repurposing its C-Band satellite spectrum. The Alliance, which still represents Intelsat and two other large satellite companies, has been seeking potential buyers for the group's older C-Band capabilities and assisting with the upcoming launch of 5G, or fifth-generation, mobile telecommunication services.
In other sector news:
(+) MAM Software Group (MAMS) climbed over 15% after agreeing to a $154.2 million buyout offer from privately held Kerridge Commercial Systems, which pay $12.12 per share in cash for each common MAM Software share, representing a 14% premium over Friday's closing price.
(-) CGI Group (GIB) was fractionally lower after Tuesday announcing its purchase of Annams Systems Corp, a privately-held asset management software company for an undisclosed price. The transaction closed on Friday, the Canadian information-technology firm said.
(-) Dasan Zhone Solutions (DZSI) dropped almost 3% on Tuesday after saying chief financial officer Michael Golomb resigned on Friday to pursue another opportunity. The networking equipment company did not immediately name a successor.
Price: 19.46, Change: -1.22, Percent Change: -5.90
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