Technology Sector Update for 01/24/2018: QCOM,AAPL,APH,BIDU,NFLX

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Top Tech Stocks

MSFT -0.03%

AAPL -1.62%

IBM -0.60%

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Declines for technology stocks were picking up speed Wednesday, with shares of tech companies in the S&P 500 dropping almost 0.6% in value while the Philadelphia semiconductor index was posting a more than 2.1% decline.

Among technology stocks moving on news:

Qualcomm ( QCOM ) was moderately lower Wednesday, holding on to most of a more than 1% decline that followed it saying it plans to appeal a EUR997 million, or $1.23 billion fine levied by the European Commission on the chipmaker for abusing its market position. In particular, the ruling stems from an agreement between Qualcomm and Apple Inc. ( AAPL ) that was in in effect between 2011 to 2016 setting the price of modem chips. The commission alleges Qualcomm worked to keep its rivals out of the market by paying kickbacks to Apple on condition it would not buy from other companies. Qualcomm said it “strongly disagrees” with the decision and was planning to immediately to file an appeal with the General Court of the European Union.

In other sector news:

– Amphenol ( APH ) was narrowly lower Wednesday afternoon, giving back an early advance that lifted the company’s stock to within 9 cents of its 52-week high of $93.62 a share that followed it reporting adjusted Q4 net income of $0.86 per share, exceeding the Capital IQ consensus by $0.04 per share. Net sales rose 17.6% to $1.94 billion, also beating the $1.8 billion Street estimate. The company is expecting FY18 net sales in a range of $7.44 billion to $7.6 billion, topping the analyst mean by at least $120 million.

– Baidu ( BIDU ) was bouncing between small gains and losses in afternoon trading after company president Ya-Chin Zhang said the Chinese internet company will likely strike more deals with Netflix ( NFLX ) to bring some of its shows to China. The companies last year signed a deal calling on Netflix to provide content to Baidu such as its “Stranger Things” television serial.

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