Sector Update: Tech Stocks Ending Near Wednesday Session Lows

Wednesday, September 16, 2020 3:48 PM | MT Newswires

Technology stocks lost more ground Wednesday afternoon, with the SPDR Technology Select Sector ETF dropping 1.2% while the Philadelphia Semiconductor Index was slipping 0.6% in late trade.

In company news, Gogo (GOGO) raced more than 13% higher after Wednesday saying Swiss manufacturer Pilatus Aircraft has selected its AVANCE L3 inflight Wi-Fi connectivity system for its new PC-24 business aircraft. Financial details of the deal were not disclosed.

Comscore (SCOR) rose 4.5% after the media measurement and analytics company said it has received a US patent covering its device identification system and its methods of using household router meters to anonymously identify individuals within a household.

Altair Engineering (ALTR) climbed 1.9% after Wednesday saying it acquired privately-held Ellexus and its Mistral and Breeze software diagnostics and analytics suites. Financial terms were not disclosed.

Medallia (MDLA) slipped 5% after the software-as-a-service company priced a $500 million private placement of convertible senior notes due 2025. The notes have an initial conversion price of $39.35 per share and the company said it has negotiated several capped call transactions to limit dilution of existing shareholders if the notes are converted into common stock.

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