Technology Sector Update for 04/23/2018: NFLX,SAIC,NDMT,CNIT,XGTI

Top Tech Stocks

MSFT +0.04%

AAPL -0.51

IBM +0.48%

CSCO -0.02%

GOOG -0.48%

Technology stocks continued to tip lower Monday afternoon, with shares of tech companies in the S&P 500 losing over 0.4% in value today while the Philadelphia semiconductor index was posting a more than 1.3% decline.

Among technology stocks moving on news:

– Netflix ( NFLX ) continued to slide lower Monday afternoon, dropping almost 3%, after the video-streaming company disclosed plans to sell $1.5 billion of its senior notes. The company said it intends to use the net proceeds from the note sale for general corporate purposes, including content acquisitions, production and development, capital expenditures and potential strategic transactions.

In other sector news:

+ China Information Technology ( CNIT ) rose sharply on Monday after the advertising distribution and display terminal company announced an exclusive distribution deal with OTC-listed NowNews Digital Media Technology Co. ( NDMT ), which is focused on providing news and multimedia platform services to the global Chinese market.

+ Science Applications International ( SAIC ) got a 1% push higher on Monday after receiving a $73 million contract to provide architecture and systems engineering support services for the U.S. Navy’s Space and Naval Warfare Systems Command. Under the award, Science App will provide full spectrum architecture, interoperability assessments, engineeering, configuration management and technical management services. The new contract has a one-year base performance period, plus four one-year options.

– XG Technology ( XGTI ) was fractionally lower on Monday after saying George Schmitt was retiring as chief executive officer, effective immediately, and that XG Tech board member Gary Cuccio was named interim CEO and executive chairman. The board said it already has talked with potential candidates for the permanent CEO role and has begun a formal search for a permanent CEO.