CETX is the latest stock soaring on a big blockchain deal
The U.S. stock market has retreated from the record highs it set earlier, as tech stocks slide. Among individual equities on the move are electronics manufacturing specialist Cemtrex Inc (NASDAQ:CETX), fabric dyeing firm Sharing Economy International Inc (NASDAQ:SEII), and semiconductor stock Sigma Designs Inc (NASDAQ:SIGM). Here's a quick look at how shares of CETX, SEII, and SIGM are trading today.
Cemtrex Stock Gaps Higher on Blockchain Buzz
Cemtrex stock was up nearly 27% at its intraday peak, after the tech firm said its has teamed up with Lucyd to develop augmented reality solutions for the blockchain-based smartglass manufacturer. While CETX has since pared its lead to 7.2% to trade at $3.02 -- with the earlier rally stalling at familiar resistance from the equity's 200-day moving average -- it's still on track for its highest close since late September.
SEII Stock Barrels Toward Oversold Territory
Studio Ltd, a subsidiary of Sharing Economy International, announced a partnership with Asiabots Ltd. to jointly create artificial intelligence (AI) and online to offline (O2O) technology. In reaction, SEII plunged 6.2% in early trading, but was last seen down 1.8% at $4.95. The shares are now on pace for a sixth straight loss -- its longest losing streak since May -- and have brought their year-to-date deficit to 34.4%.
Despite this steady selling, SEII shares have not yet reached oversold territory -- though they're quickly approaching. At last check, the stock's 14-day Relative Strength Index (RSI) was docked at 32.6.
Sigma Designs Stock Plunges After Silicon Labs Takeover Twist
Sigma Designs stock was down more than 17% earlier, after the company said it was only selling its Z-Wave technology business to Silicon Laboratories (SLAB) -- versus the latter's outright takeover of the former. More recently, SIGM shares were trading off 15% at $5.95.
After the initial buyout buzz sent the the security gapping higher in early December, SIGM had been stuck trading just below Silicon Labs $7.05 per share purchase price. The stock is on track for its lowest closing price since Dec. 7, and is now down 6.2% year-over-year.