Sector Update: Chipmakers Keep Tech Stocks Within Close Range of Even in Late Trade

Tuesday, September 29, 2020 3:54 PM | MT Newswires

Technology stocks continue to edge lower this afternoon, with the SPDR Technology Select Sector ETF slipping 0.3% although the Philadelphia Semiconductor Index was rising 0.3%.

In company news, VMware (VMW) climbed 2% after Tuesday announcing plans to acquire event-driven automation software company SaltStack for an undisclosed amount. VMware said the deal will bolster its cloud computing capabilities and expand its vRealize Suite for data center and hybrid cloud management.

Tetra Tech (TTEK) was nearly 1% higher after announcing its purchase of privately held information technology consultants BlueWater Federal Solutions for an undisclosed amount in a deal expected to boost its advanced analytics, artificial intelligence and cybersecurity business. BlueWater will be combined with its government services division, Tetra Tech said.

Alphabet (GOOG,GOOGL) was narrowly higher after saying buyers on its Google Play Store will need to use its payments platform for digital purchases beginning on Jan. 20. Separately, Google was close to securing European Union antitrust approval for its proposed acquisition of fitness tracking equipment company Fitbit (FIT), people with knowledge of the matter told Reuters.

Radware (RDWR) declined fractionally after the cybersecurity company Tuesday said India-based telecom Bharti Airtel will offer its cloud security services to businesses in India. Financial terms of the new partnership were not disclosed but the companies said traffic from Airtel's customers will be secured through a new India-based scrubbing service center.

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