Sector Update: Tech Stocks Ending Near Tuesday Session Highs

Tuesday, November 24, 2020 3:59 PM | MT Newswires

Technology stocks extended their Tuesday advance this afternoon, with the SPDR Technology Select Sector ETF Tuesday climbing 1.3% although the Philadelphia Semiconductor Index was rising just 0.2%.

In company news, Alphabet (GOOG,GOOGL) was 2% higher in late trade, bouncing back from a small decline earlier Tuesday, amid an ET Now of India report its Google unit is close to buying Indian social media platform ShareChat for $1 billion or more. ShareChat last closed on a $40 million funding round in September, bringing back existing investors Twitter (TWTR) and several US-based venture capital firms for a deal valuing the company at around $650 million.

TransDigm (TDG) rose 3.4% after Tuesday announcing its purchase of Cobham Aero Connectivity, paying $965 million in cash for the maker of antennas and radios for the aerospace end market. The deal is expected to close during the first three months of 2021. TransDigm also said it may sell selected assets acquired through its March 2019 purchase of Esterline Technologies.

Analog Devices (ADI) was fractionally lower, overcoming an early 3% decline, after the specialty chipmaker reported non-GAAP Q4 net income of $1.44 per share on $1.53 billion in revenue, topping the Capital IQ consensus expecting $1.33 per share and $1.44 billion, respectively.

Nutanix (NTNX) turned 1.2% lower this afternoon, giving back a mid-day advance that followed the enterprise software firm Tuesday saying it was selected by Total SA (TOT) to develop a unified information technology system for the French energy major. Financial details were not disclosed.

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