Technology Sector Update for 04/07/2020: CAMT,CY,NXPI,SEAC

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Top Tech Stocks

MSFT -0.08%

AAPL -0.48%

IBM +1.40%

CSCO -1.33%

GOOG +0.55%

Technology stocks were narrowly higher Tuesday afternoon, with the SPDR Technology Select Sector ETF hanging on for a 0.1% advance while the Philadelphia Semiconductor Index was rising 0.5%.

Among technology stocks moving on news:

(+) Camtek (CAMT) was ahead about 5% higher after the chip-making supplier Tuesday said it has been designated as a “critical manufacturer” by the Israeli government. It also said customer demand and that orders on hand, including an $8 million order from a tier-1 image-sensor company announced Monday, point to a “strong” Q2.

In other sector news:

(+) Cypress Semiconductor (CY) rose 1.7% after Tuesday saying China’s State Administration for Market Regulation has signed off on Infineon Technologies’ EUR9 billion proposed buyout of the US chipmaker, setting the stage for an April 16 close.

(-) NXP Semiconductors (NXPI) was nearly 3% lower after the chipmaker reported preliminary Q1 revenue trailing its internal forecast, falling to $2.02 billion during the three months ended March 31 from $2.09 billion during the same quarter last year but still matching the Capital IQ consensus expecting $2.02 billion. The company also said it decided not to ship roughly $150 million of orders to distribution partners in order to maintain a normal channel inventory.

(-) SeaChange International (SEAC) dropped almost 28% after the digital advertising platform reported non-GAAP Q4 income of $0.13 per share, reversing a $0.03 per share net loss during the year-ago period but still trailing the two-analyst consensus call expecting a $0.19 per share adjusted profit.

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