Sector Update: Tech Stocks Lead Afternoon Markets Rebound

Last Updated: Wednesday, October 5, 2022 3:53 PM | MT Newswires

Technology stocks were solidly on positive ground this afternoon, with the SPDR Technology Select Sector ETF (XLK) rising 0.8% and the Philadelphia Semiconductor Index gaining 1.4% in late trade.

In company news, 3D Systems (DDD) climbed 2.9% after late Tuesday saying Belgium-based additive manufacturer Amnovis was now using its DMP Flex 350 Dual metal 3D printer. The new technology includes two lasers, allowing Amnovis to make titanium parts for medical devices and industrial applications faster and at a lower cost than a single-laser configuration, 3D said.

Nauticus Robotics (KITT) rallied Wednesday, with shares of the autonomous underwater vehicle company rising almost 83% after it announced a new contract from the US Defense Innovation Unit for an amphibious robot using the company's ToolKITT command and control software platform.

STMicroelectronics (STM) added 2.9% after the chipmaker Wednesday disclosed plans to build a silicon carbide substrate manufacturing facility at its property in Catania, Italy. Production is expected to begin next year, the company said.

Digital Turbine (APPS) rose 0.3% after Wednesday announcing a strategic investment in Aptoide, with the online advertising platform company leading a $12 million series-B funding round for the Android app store. The deal also will see the companies using their respective technologies to build distribution products for Digital Turbine clients.

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