Technology stocks extended their declines this afternoon, with the shares of tech stocks in the S&P 500 slipping nearly 1.1% although the Philadelphia Semiconductor Index was hanging on to a more than 0.1% advance.
Among technology stocks moving on news:
(-) Western Digital (WDC) declined over 1% after the data-storage company Tuesday said it closed on its acquisition of Kazan Networks, a provider of adapter- and ASIC-level integration products. Financial details of the transaction were not disclosed.
In other sector news:
(+) Taiwan Semiconductor Manufacturing (TSM) has turned narrowly higher this afternoon, overcoming an earlier decline. The chipmaker Tuesday reported a 16.5% increase in August revenue over year-ago levels, rising to TWD106.12 billion, or about $3.40 billion, compared with TWD91.06 billion during August 2018.
(-) Heico (HEI) declined 5% after the electronics manufacturer said its dB Control subsidiary has acquired privately-held TTT-Cubed in an all-cash transaction. TTT-Cubed produces aerospace and defense-related components and the deal is expected to add to Heico's per-share profit during the year following the purchase.
(-) Universal Display Corp (OLED) declined over 11%. A new regulatory filing showed CEO Steven Abramson sold another 31,182 shares of the organic light-emitting diode company's common stock through a pre-arranged Rule 10b5-1 trading plan. The shares fetched an average price of $222.02 each, or more than $6.92 million overall, and trimmed his total direct stake in Universal Display to 146,493 shares.
Price: 62.00, Change: -0.75, Percent Change: -1.20
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