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.

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