The tech sector is once again shaking off some dust with the Technology Select Sector SPDR Fund (NYSEARCA:XLK) up 2.2%, the S&P 500 Index up 1.6%, the tech heavy Nasdaq 100 up 1.9%, and the Philadelphia Semiconductor Index is up 2.2%.
Software: Adobe +8.3% is driving software gains off its FY19 guidance, offsetting Palo Alto’s -3.4% weakness following its appointment of Google vet Amit Singh as president. Twilio -4.5% is still dropping following its $2B acquisition offer for SendGrid +13%.
Internet: Facebook +2.4% and Snap -3.7% cancel each other out a bit after diverging initiations at Loop Capital while Snap also received a negative note from Cascend.
Previously: Qualcomm, FTC ready to talk deal in antitrust case (Oct. 16)
Previously: Facebook +0.8% as Rosenblatt starts at Buy in long-term look (Oct. 16)
Semiconductors: Semis are up on a Deutsche Bank note positive on Xilinx +3% and Qualcomm +2.5% nearing an FTC settlement in its antitrust case. Other movers with no clear catalysts include AMD (AMD +4.9%) and Skyworks (SWKS +1.1%).
Notable aftermarket earnings: IBM +2%, Lam Research +1.4%, Cree +5.5%.
Top news stories from yesterday afternoon and this morning:
Previously: Cognex +2.2% as Needham leaves sidelines (Oct. 16)
Previously: Twilio -4% on $2B purchase of SendGrid; SEND +13.6% (Oct. 15)
Previously: Palo Alto Networks names Google's Singh as new president (Oct. 1)
Now read: AMD Short Interest Drops Again »
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