It was a weak day for U.S. stocks as the bond market declined and long-term interest rates were higher. The S&P 500 Index fell 0.9%, the Dow Jones Industrial Average declined 0.7% and the the Nasdaq Composite gave back 1%.
Apple Inc. (AAPL)
The chip maker will ask the U.S. International Trade Commission to stop the tech giant from selling iPhones and iPads stateside that use chips made by Intel Corporation (NASDAQ:INTC).
The Qualcomm rival supplies AAPL with chips for its handheld devices, and Intel reportedly used technology from Qualcomm to design its own chips.
The company will also ask the agency to prevent the tech company from importing these Apple devices into the country as part of a lawsuit seeking monetary damages. The suit was filed Thursday in a California federal court.
The chips are essential to the performance of the devices as they make their batteries last longer, Qualcomm says.
AAPL stock fell nearly half a percentage after the bell.
Mondelez International Inc (MDLZ)
The snack company is the latest in a growing list of major companies to be targeted by hackers late last month. The June 27 attack halted the company’s online services temporarily. MDLZ was unable to process and ship invoices during the last four days of its most recent period due to the cyberattack, which is slated to cut its revenue by 3% over the last three months.
The company added that it has put in the work to restore its servers and it has made great progress in doing so. The issue has been contained, a Mondelez spokesperson said.
FactSet polled analysts who reached a consensus revenue decline of 2.1% for the company compared to the year-ago period. Mondelez predicts its full-year organic revenue growth to surge 1%.
MDLZ shares slipped 0.7% after hours.
Synchronoss Technologies, Inc. (SNCR)
Synchronoss Technologies had a strong afternoon on the news that it may be exploring a sale.
The managed mobility solutions provider said its board of directors is seeking potential ways in which it could “maximize shareholder value.” Selling the company is one option the board is considering.
Siris Capital Group, LLC, a private equity firm that prides itself on having a deep understanding of the inner workings of the technology industry, is one such party that has expressed a non-binding indication of interest.
It is unclear when exactly SNCR will complete the review process. The board said it will not issue updates on the steps it is taking to increase shareholder value, whether through a sale or by other means.
SNCR surged 4% after the close of the market Thursday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.