Top Tech Stocks
Technology stocks turned lower in afternoon trading, giving back their prior gains that followed chipmaker Intel (INTC) reporting better-than-expected Q4 results and issuing an upbeat Q1 outlook. At last look, the shares of tech stocks in the S&P 500 were falling over 0.5% in recent trade while the Philadelphia Semiconductor Index was posting a 1.1% decline.
Among technology stocks moving on news:
(-) CleanSpark (CLSK) was more than 3% lower in its Nasdaq Global Select market debut on Friday after earlier announcing a $142,000 contract to supply a California retail facility with software controls and energy storage. The new project is expected to be commissioned during the second quarter of 2020.
In other sector news:
(+) Broadcom (AVGO) rose 1% after the specialty chipmaker late Thursday announced two new work agreements to supply Apple (AAPL) with wireless components and modules through mid-2023. The new contracts, together with work remaining on a June 2019 supply agreement with the iPhone maker, could generate up to $15 billion in future revenue, according to Broadcom.
(+) Finjan Holdings (FNJN) late Friday was little changed, reversing a 6% morning advance that followed the cybersecurity company saying it settled its patent dispute with privately-held rival BitDefender. Under terms of the agreement, BitDefender gains a fully paid-up license in exchange for mutual releases and covenants not to sue the other software firm.
(-) Ericsson (ERIC) fell more than 7% after saying it was projecting “somewhat higher operating expenses” during 2020, although the networking equipment company said it does not see those costs jeopardizing its financial targets this year.
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