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Technology Sector Update for 01/23/2018: CNET,QCOM,AVGO,ADBE

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Top Tech Stocks

MSFT +0.34%

AAPL +1.24%

IBM +1.34%

CSCO +1.10%

GOOG +0.97%

Technology stocks were mostly higher Tuesday, with shares of tech companies in the S&P 500 adding more than 0.5% in value while the Philadelphia semiconductor index was posting a nearly 0.5% gain.

Among technology stocks moving on news:

ChinaNet Online Holdings ( CNET ) jumped out to a nearly 41% gain during Tuesday trading, touching an intra-day high of $5.27 a share, after the ecommerce and online advertising company said it signed a deal with Wuxi Jingtum Network Technology and Ford Tree Beijin Blockchain Technology to establish a new joint venture company launching next month to develop new blockchain technology and applications. ChinaNet will be the controlling shareholder leading all aspects of the project.

In other sector news:

– Qualcomm ( QCOM ) tipped slightly lower Tuesday afternoon after urging stockholders to re-elect its board nominees rather than a competing director slate sponsored by Broadcom ( AVGO ).

– Adobe Systems ( ADBE ) was higher after analysts at RBC Capital Markets raised their price target for the software firm by $15 to $208 a share and also reiterated their Outperform rating for the company’s stock.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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