Tech Stocks Adding to Market-Leading Advance

Technology stocks extended their market-leading advance Monday afternoon, with the shares of tech stocks in the S&P 500 adding almost 1.2% in value while the Philadelphia Semiconductor Index was rising nearly 2.0%.

Among technology stocks moving on news:

(+) Facebook (FB) climbed 2% on Monday following reports the Federal Trade Commission will formally announce a $5 billion settlement in its probe into allegations the social network company inappropriately shared user data with the now-defunct political consulting firm Cambridge Analytica during the run-up to the 2016 presidential election. The agency reportedly voted to approve the settlement earlier this month but has waiting for the US Justice Department to also concur before publicly disclosing the settlement, Reuters said Monday, citing two sources briefed on the matter.

In other sector news:

(+) Applied Materials (AMAT) climbed nearly 6% on Monday after Goldman Sachs added the chipmaker to its Conviction Buy list from neutral previously and also set a $56 price target for the company’s stock.

(+) CUI Global (CUI) was more than 3% higher after the electromechanical components company said its Orbital Gas Systems subsidiary will calibrate and repair equipment for an unnamed UK gas network operator under a new purchase order issued under a prior framework agreement and valued at more than $900,000.

(+) Transcat (TRNS) declined 3% in late afternoon trading, reversing a narrow gain, after the instrument calibration company Monday said it purchased Infinite Integral Solutions, paying CAD1.4 million for the Canadian calibration software company.

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