January 2024 Tech Sector Update by Nasdaq

On February 10, 2024, Nasdaq Stock Market (also known as Nasdaq) reported the latest stock exchange updates for the technology sector with a significant focus on Slack Technologies (WORK), Roku and Xerox (XRX). Nasdaq exchange, as you may know, includes the world’s leading technology and biotech companies such as Google, Apple, Microsoft, Amazon, Intel and Oracle. Thus, the technology sector update by Nasdaq often makes headlines.

Tech Sector Update by Nasdaq

On February 10, the top-performing technology stocks were:

  1. MSFT +1.49%
  2. AAPL -0.21%
  • IBM -0.57%
  1. CSCO +0.57%
  2. GOOG +1.18%

The reports said that the stocks were rising in Monday commerce, with the shares of tech stocks in the S&P 500 increasing 0.6% and the Philadelphia Semiconductor Index advancing by 0.5%.

The Major Highlights Of Technology Stocks In The February 10 Nasdaq Update

Besides the top performs mentioned in the report, WORK, Roku and XRX saw significant shifts in their stocks. Keep reading to learn about the details that played a significant role in the stock exchange shifts:

  • WORK (↑):

The stocks of Slack Technologies (WORK) grew almost 16% after a regulatory filing on February 10 showed the Welling Management Group increased its equity stake in Slack Technologies, now directly owning more than 26.9 million shares of Slack Technologies, which is about 9.2% of the company’s stock.

According to a January 28 ownership statement, Wellington held around 23.9 million shares of Slack stock, which is about 8.2% of the company’s stock.

  • Roku (↑):

Following RBC Capital Markets’ announcement, which identified Roku as a possible beneficiary of the current competition between internet subscription services, the online entertainment aggregator gained over 6%. Roku received a strong boost from the expected 30% year-over-year surge in subscriptions for Disney’s (DIS) new streaming service, going by the name Disney Plus.

  • XRX (↑):

Since Xerox (XRX) raised its bid for hardware-builder HP (HRQ) to nearly $34 million, the digital print-technology company rose 1.2%. Its new $24-per-share offer represents a 9% increase over its previous proposal. The new offer consists of $18.40 in cash along with 0.149 of a Xerox share for each HP share.

As it appears, the shifts in the stock exchanges were influenced by the corporate decisions made by these companies. And it’s nothing new for the Nasdaq Stock Market. On January 27, 2024, Nasdaq Stock Market reported the stock exchange updates for the technology sector with a significant focus on Instructure, Comtech Telecommunication and Voxeljet.

According to the January 27update, the top technology stocks were:

  1. MSFT -1.42%
  2. AAPL -2.85%
  • IBM -1.08%
  1. CSCO -2.51%
  2. GOOG -2.15%

According to the report, technology stocks fell significantly on the afternoon of January 27. The shares of tech stocks in the S&P 500 dipped 2.2%, while the Philadelphia Semiconductor Index sank over 3.6%.

Major highlights of the technology stocks in the January 27 Nasdaq update

As mentioned, the January 27 tech sector update by Nasdaq has shown significant shifts in the stocks of Instructure (INST). In different sector information, Comtech Telecommunications (CMTL) and Voxeljet (VJET) also experienced declines. Read on for detailed information:

  • INST (↑):

Instructure was slightly higher in the late Monday trade. It happened following reports Institutional Shareholder Services recommended investors vote against the company’s proposal of $2 billion sales to private equity firm Thoma Bravo, citing considerations concerning the process and an “uncompelling” valuation for the deal. These details were shared by Reuters, which saw the ISS note.

In other news, a new regulatory filing late Friday showed institutional investors Nine Ten Partners recently selling around 1.24 million shares and shredding its ownership stake in the speciality software firm to 5.18% from the previous 9.18%.

  • CMTL (↓):

The stocks of Comtech Telecommunications (CMTL) dropped by nearly 1% on January 27. According to the company, it received a $1.1 million contract to offer troposcatter equipment and services to an unnamed military unit from Eastern Europe.

In this new contract, there will be upgrading of the customer’s existing transportable troposcatter terminals and extension of the upgrade across the remaining fleet terminals. There will also be boosting of the reliability of the troposcatter system and reduction of the maintenance requirements.

  • VJET (↓):

Voxeljet (VJET) was also down by 1% on the afternoon of January 27. This happened following the 3-D printer manufacturer’s announcement regarding the New York Stock Exchange accepting its plan to regain compliance with NYSE rules requiring listed companies to maintain a minimum of $50 million in shareholders equity. In last June, the company reported the shareholder equity of nearly $45.4 million.

Since the stock market is a dynamic landscape, you are likely to see significant shifts in the stocks of different technology giants on a regular basis. You can follow Nasdaq composite to keep track of the stock market. The Nasdaq composite is a stock market index of the common stocks as well as the similar securities listed on the stock market of Nasdaq.

Leave a Comment

Scroll to Top