Technology Sector Update for 01/05/2018: GOOG,GOOGL,GPRO,CNIT,CSCO,AAPL

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Top Tech Stocks

MSFT +1.24%

AAPL +1.14%

IBM +0.54%

CSCO +1.38%

GOOG +1.46%

Technology stocks were ending sharply higher Thursday, with shares of tech companies in the S&P 500 adding more than 1.1% in value today while the Philadelphia semiconductor index was posting an 0.6% gain.

In industry news:

Apple ( AAPL ) rose Friday after the tech giant today said it will soon be providing Mac and iOS users with a patch addressing the Meltdown and Spectre security issues. In a statement, the company said there were “no known exploits impacting customers at this time” resulting from the recently discovered semiconductor design flaws and will be releasing iOS 11.2, macOS 10.13.2, and tvOS 11.2 mitigations to help defend against Meltdown. More mitigations were due “in coming days” to address Spectre risks, the company said.

Among technology stocks moving on news today:

Alphabet (GOOG,GOOGL) rose over $1,100 a share for the first time ever on Friday, reaching a new record high of $1,113.58 after the tech conglomerate today said it sold “tens of millions” of its Google Home voice-activated devices during the recent holiday season. According to the company, its assistant can control more than 1,500 compatible smart home devices from over 225 brands, and is available on more than 400 million devices, including Google’s Android phones and tablets, Apple ( AAPL ) iPhones, headphones, televisions and other devices.

In other sector news:

+ China Information Technology ( CNIT ) rallied Friday, topping out at a 20-month high of $5.20 a share following a 157% surge, after selling 5,000 of its cloud-based ad terminals to Beijing Taoping IoT Technology, a Chinese ad shop, earlier this week. The terminals will be installed at various locations throughout Hebei and Liaoning provinces in northern China and generating an expected $1.5 mln in sales and service revenues for China Information Tech.

– GoPro ( GPRO ) declined Friday following reports the wearable camera company yesterday began cutting between 200 to 300 jobs in its aerial unit, which was responsible for GoPro’s poorly selling Karma drones. In a memo obtained by TechCrunch, the company said the latest restructuring effort is intended to “better align our resources with business requirements.” Prior layoffs trimmed about 15% of its then-workforce in 2016 while another 270 employees lost their jobs in a March 2017 reorganization.

– Cisco Systems ( CSCO ) was falling Friday afternoon despite analysts at Bank of America Merrill Lynch today raising their investment recommendation for the company’s stock to Buy From Neutral.


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