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Technology Sector Update for 05/14/2020: NOVA,MSFT,PING

Technology stocks were narrowly mixed Thursday, with the SPDR Technology Select Sector ETF declining fractionally and the Philadelphia Semiconductor Index up less than 0.1%.

In company news, Sunnova Energy International (NOVA) rose about 4.6% after the solar-energy storage equipment company reported an $0.85 per share Q1 net loss, narrowing its $5.87 per share loss during the same quarter last year while revenue increased 10.4% year-over-year to $29.8 million. The company also said the COVID-19 pandemic has not materially affected its customers’ payment behaviors, adding it collected 99.5% of the trailing twelve-month average for customer payables during April.

Microsoft (MSFT) slipped 1.1%. The company on Thursday announced its acquisition of Metaswitch Network, a UK-based provider of virtualized network software for the telecommunications industry. Financial terms were not disclosed but Microsoft said the deal will provide the necessary software for its Azure cloud platform to run virtualized communication functions and applications and also expand its telecommunications offerings.

Ping Identity (PING) also slipped 5% after pricing a secondary offering of 8.5 million common shares previously held by Vista Funds, CEO Andre Durand and chief technology officer Bernard Harguindeguy, among others, at $24 a share, or about 1.4% under Wednesday’s closing price. The company did not receive any proceeds from the stock sale.

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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