Technology Sector Update for 07/07/2020: MFGP,SQ,VSLR,RUN,MARK

Technology stocks reversed course Tuesday afternoon, with the SPDR Technology Select Sector ETF sinking 0.4% in late trade while the Philadelphia Semiconductor Index was slipping 0.8%.

In company news, Micro Focus International (MFGP) slid over 20% on Tuesday after the enterprise software firm said it would take a $922.2 million goodwill impairment charge against its Q2 financial results due to the COVID-19 pandemic. It also said revenue during the first six months of 2020 declined 11.3% during compared with year-ago levels to $1.45 billion.

Remark (MARK) also slumped 27% after the artificial-intelligence products company late Monday reported a 64.3% year-over-year decline in Q1 revenue, dropping to $431,000 during the three months ended March 31 compared with $1.21 million in revenue during the same quarter last year.

Square (SQ) climbed nearly 6% after Piper Sandler Tuesday began coverage of the e-commerce software firm with a neutral stock rating and a $131 a share price target.

Vivint Solar (VSLR) raced over 37% to its highest price in almost five years at $15.10 a share after the firm agreed to a $3.2 billion, all-stock buyout offer from rival solar-panel installers Sunrun (RUN). Under the terms of the proposed transaction, expected to close before the end of the year, investors will receive 0.55 of a Sunrun common share for each Vivint Solar share they own. Sunrun shares were nearly 26% higher in afternoon trade.

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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