Technology stocks continue to lead the broader Tuesday markets higher, with the SPDR Technology Select Sector ETF (XLK) rising 3.1% while the Philadelphia Semiconductor Index was advancing more than 4.6% this afternoon.
In company news, Silicon Motion Technology (SIMO) pushed as much as 16% higher on Tuesday, recently touching a best-ever $87.89 a share, after the solid-state storage devices firm Tuesday authorized a new, $200 million stock buyback program over the next six months. It also reaffirmed its Q4 guidance expecting between $254 million to $267 million in revenue and straddling the $260.8 million Street view for the 12 months ending Dec. 31.
MongoDB (MDB) raced 16% higher after overnight topping analyst estimates with both its fiscal Q3 results and its Q4 forecast and the database company also raised its FY22 guidance above Street views. The company is now projecting a non-GAAP net loss of $0.71 to $0.74 per share compaed with its prior range expecting a $1.13 to $1.20 per share adjusted loss on between $846.3 to $849.3 million in revenue, an increase from $805 million to $811 million previously. Analysts, on average, are expecting a $1.11 per share non-GAAP loss on $813.2 million in revenue.
Momentive Global (MNTV) rose over 12% after Legion Partners urged the Momentive board to scrap the software company's proposed merger with Zendesk (ZEN), with the hedge fund criticizing the panel's decision to accept an all-stock offer valuing Momentive at $28 per share over a prior bid by another firm offering $27.25 per share in cash. Legion also said it would it not vote its 1.4% ownership stake in favor of the deal and plans to nominate an alternative director slate at Momentive's next annual meeting.
Digital Turbine (APPS) climbed almost 11% after Macquarie raised its stock rating for the mobile networking products firm to outperform from neutral and set an $80 price target for the company's shares.