Sector Update: Tech Stocks Lead Broader Monday Markets Higher

Monday, August 3, 2020 3:54 PM | MT Newswires

Technology stocks were ending near their Monday session highs, with the SPDR Technology Select Sector ETF Monday climbing 2.5% while the Philadelphia Semiconductor Index was rising 1.7% this afternoon.

In company news, Primoris Services (PRIM) was ahead 4.3% in late trade after the specialty contractor announced a pair of new solar-power contracts worth more than $60 million combined. The company's power, industrial and engineering unit will begin work on the utility-scale solar facilities during the current quarter ending Sept. 30, with completion expected in about one year.

Virgin Galactic Holdings (SPCE) rose 7% after the company announced a non-binding memorandum of understanding with Rolls-Royce to jointly develop engine propulsion technology for high-speed commercial aircraft. Financial terms were not disclosed but the companies said they are expecting to work on a delta-wing aircraft capable of flying at Mach 3 above 60,000 feet and carrying up to 19 passengers.

JJacobs Engineering (J) climbed 6% after the data analytics, software and cybersecurity contractor reported better-than-expected adjusted net income and revenue for its fiscal Q3 ended June 28 and raised its FY20 profit forecast above Wall Street expectations. Excluding one-time items, it earned $1.26 per share on $3.3 billion in revenue, topping the Capital IQ consensus for $1.01 on $3.18 billion in revenue.

Microsoft (MSFT) jumped 5.7% after the software company said on Sunday it would continue discussions with Chinese internet company ByteDance to acquire the TikTok social media platform in the US, Canada, Australia and New Zealand. It also was planning to continue talks with the US government after President Donald Trump expressed concern about the safety and security of American user data, according to Microsoft's official blog.

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