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Technology Sector Update for 06/02/2020: BB,BB.TO,FFH.TO,NATI,STX,VMW,GOOG,GOOGL

Technology stocks turned moderately higher Tuesday afternoon, with the SPDR Technology Select Sector ETF rising 0.8% while the Philadelphia Semiconductor Index was rising 1.9%.

In company news, Blackberry (BB) still was 8.4% higher this afternoon, giving back a portion of a nearly 12% gain earlier Tuesday after Canadian insurance and investments company Fairfax Financial Holdings denied reports overnight it was seeking to buy the 91.6% of Blackberry shares it doesn’t already own. “Fairfax is not currently making a bid, or engaged in making a bid, for BlackBerry,” an unnamed Fairfax executive told BNNBloomberg in Toronto.

National Instruments (NATI) rose 1.7% after the test-equipment company said it agreed to acquire privately held data-analytics software firm OptimalPlus Ltd for $365 million in cash. National CEO Eric Starkloff said the proposed transaction will accelerate its growth among chip- and auto-makers.

Seagate Technology (STX) rose nearly 1% after the data-storage device company said it would be laying off around 500 of its employees in 12 countries, or about 1% of its global headcount. The company also plans to consolidate its facilities in Minnesota into a single location, according to a new regulatory filing.

VMware (VMW) fell 0.7% after the cloud software company Tuesday said it hired former Alphabet (GOOG,GOOGL) executive Carol Carpenter to be its new chief marketing officer. Prior to joining VMWare, Carpenter had been the vice president of product marketing at Alphabet’s Google Cloud 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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