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Technology Sector Update for 05/04/2020: ALRM,AAPL,PBI

Technology stocks were scratching out small gains, with the SPDR Technology Select Sector ETF Monday advancing 0.2% although the Philadelphia Semiconductor Index was slipping 0.6% in recent trade.

In company news, Alarm.com (ALRM) declined about 1% after the smart-home software firm Monday announced its purchase of privately held secured access company Doorport through its PointCentral unit. Financial terms of the deal were not disclosed.

Apple (AAPL) was narrowly higher after Monday filing a preliminary prospectus to sell four series of notes maturing due in 2023, 2025, 2030 and 2050. Net proceeds will use general corporate purposes, the tech giant said.

Pitney Bowes (PBI) fell almost 16% after Monday reporting adjusted Q1 net income of $0.05 per share, more than halving its $0.11 per share adjusted profit during the year-ago quarter and trailing the Capital IQ consensus expecting $0.07 per share.

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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