Big Drop for Tech Stocks After Apple Threatened by Tarrifs

Technology stocks plunged again during Monday trade, with the shares of tech stocks in the S&P 500 at last look dropping nearly 2.2% while the Philadelphia Semiconductor Index was falling just over 4.3%.

Among technology stocks moving on news:

(-) Enphase Energy (ENPH) retreated Monday, sinking just over 8%. The company said more than 5,300 homeowners have agreed to replace the device that converts direct-current electricity produced by photovoltaic panels into alternative current power with the company’s IQ-7 line of microinverters. Enphase contacted eligible homeowners for the voluntary product swap and paired them with a local solar installation contractor for installation, with the new microinverters providing up to 75% more power compared with the legacy devices, the company said.

In other sector news:

(-) Hewlett Packard Enterprise (HPE) retreated Monday, recently sinking nearly 3%, after the data storage and management company said it acquired the business assets of MapR, an artificial intelligence and analytics platform company. Financial terms of the transaction were not disclosed.

(-) Weibo (WB) was down 8% after Jefferies & Co started coverage of the Chinese social network company with a hold rating and a $43.60 price target.

(-) ON Semiconductor (ON) dropped almost 11% on Monday after the chipmaker reported a 7.5% decline in Q2 revenue compared with the same quarter last year, falling to $1.35 billion and missing the Capital IQ consensus of $1.38 billion.

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