Technology Sector Update for 07/10/2020: WIMI,IMOS,ENTG

Technology stocks were drifting lower this afternoon, with the SPDR Technology Select Sector ETF declining 0.5% while the Philadelphia Semiconductor Index was slipping 0.7%.

In company news, WiMi Hologram (WIMI) rallied Friday, at one point racing nearly 119% higher to touch a record high of $8.40 a share, after saying it will provide holographic artificial intelligence facial recognition and modification technologies to support holographic 5G communications on social media, in-home devices and other applications.

ChipMOS TECHNOLOGIES (IMOS) was edging lower after the chipmaker reported above-consensus revenue for its Q2 ended June 30, rising 10.7% year-over-year to TWD5.43 billion and topping the two-analyst mean expecting TWD5.38 billion. June sales grew 9% over year-ago levels to TWD1.78 billion, it said.

Entegris (ENTG) slipped 3% on Friday after the chip-making equipment company announced its purchase of analytical instruments company Global Measurement Technologies for $36 million in cash. Following completion of the deal, Global Measurement became part of Entegris’ advanced materials handling unit.

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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