Tech lunch break: Twilio deal and Adobe guide drive software

|By:, SA News Editor

The tech sector is once again shaking off some dust with the Technology Select Sector SPDR Fund (NYSEARCA:XLKup 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%).

Hardware: Cognex +5% pushes up after a Needham upgrade. Movers on no to little news include (STX +2.1%), (NTAP +2.4%), and (WDC +1.8%).

Notable aftermarket earnings: IBM +2%, Lam Research +1.4%, Cree +5.5%.

Related software and semi ETFs: SOXL, SOXX, SMH, USD, PSI, XSD, IGV, SOXS, PSJ, SSG, XSW, FTXL, XTH

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)

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