Top Tech Stocks
Technology stocks were helping lead Tuesday’s equity market recovery, with the shares of tech stocks in the S&P 500 climbing 1.7% while the Philadelphia Semiconductor Index was rising 3.4%.
Among technology stocks moving on news:
(+) ASGN Inc (ASGN) climbed 6.6% after the IT staffing firm announced a new, $250 million stock buyback program, beginning immediately and extending over the next two years.
In other sector news:
(-) Maxar Technologies (MAXR) turned 1.5% lower, giving back a nearly 4% rise. The networking equipment company said it received a one-year study contract to assist the National Reconnaissance Office with using commercial electro-optical tools to collect and process satellite imagery. Financial details of the contract were not disclosed.
(-) Box (BOX) retreated Tuesday, dropping 7%. Morgan Stanley trimmed its price target for the cloud content management company by $2 to $17 a share despite Box reporting a smaller-than-expected adjusted Q1 new loss and revenue that exceeded analyst estimates. It also projected Q2 and FY20 financial results topping the Capital IQ consensus.