Sector Update: Financial Stocks Rally Despite Narrow Slide by Chipmakers Wednesday

Wednesday, January 20, 2021 4:04 PM | MT Newswires

Technology stocks were sharply higher in late trade, with the SPDR Technology Select Sector ETF Thursday rising 2.2% despite a 0.3% retreat for Philadelphia Semiconductor Index this afternoon.

In company news, Opera (OPRA) was hanging on for a 0.6% gain late Wednesday after earlier announcing its $10 million acquisition of UK software developer YoYo Games. The browser company also said YoYo Games general manager Stuart Poole and technical lead Russell Kay would be staying with the company after the deal closes.

Cadence Design Systems (CDNS) rose 1.6% after the electronic design company Wednesday announced its purchase of privately held Numeca International, whose computational fluid dynamics technology has been adopted by NASA, Honda (HMC) and Ford (F). Financial terms of the transaction were not disclosed.

Upland Software (UPLD) was ahead 3.8% after the work-management software firm Wednesday announced its purchase of audience-engagement software-maker Second Street Media for $25.4 million. Upland said it expects the acquired company will immediately increase its adjusted earnings before interest, taxes, depreciation and amortization and boost its yearly revenue by around $9.4 million.

Document Security Systems (DSS) shares fell more than 27% after pricing an upsized, $24 million public offering of 6.67 million common shares at $3.60 each, or 34.5% under Tuesday's closing price. The deal was increased in size by an extra $4 million shortly before pricing. Net proceeds will fund development of new business lines as well as potential acquisition opportunities and general corporate purposes.

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