Sector Update: Large Advance for Tech Stocks

Thursday, September 24, 2020 1:58 PM | MT Newswires

Technology stocks were advancing on Thursday, with the SPDR Technology Select Sector ETF climbing 1.7% while the Philadelphia Semiconductor Index was rising 2.2% this afternoon.

In company news, Blackberry (BB) climbed 5% after Thursday reporting adjusted net income of $0.11 per share for its fiscal Q2 ended August 31 and $266 million in non-GAAP revenue, easily beating the Capital IQ consensus expecting a $0.02 per share non-GAAP profit on $239.7 million in revenue for the communications software company.

Sunworks (SUNW) was surging Thursday, with shares of the solar power generator company at one point rising more than 630% to their best price since April 2019 at $8.49 apiece, after California Gov. Galvin Newsom Wednesday issued an executive order requiring all passenger vehicles sold in the state be zero-emission vehicles by 2035. Shares of rival generator company Polar Power (POLA) also were 87% higher.

Among decliners, Crexendo (CXDO) tumbled over 11% after Thursday pricing a $9.6 million public offering of 1.75 million common shares at $5.50 each, or 11.1% under Wednesday's closing price. Several executives at the cloud communications company, including CEO Steven Mihaylo, and two board members also sold another 1.05 million shares through the offering. Net proceeds will be used for general corporate purposes.

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