Sector Update: Tech Stocks Leading Thursday's Market Rally as Chipmakers Surge

Last Updated: Thursday, October 14, 2021 3:15 PM | MT Newswires

Technology stocks were leading the broader market higher Thursday afternoon, with the Technology Select Sector SPDR ETF (XLK) rising 2% while the Philadelphia Semiconductor Index advanced 2.8%.

In company news, IronSource (IS) rose 5.3% after the Israeli online applications development platform said it would acquire mobile advertising and app monetization company Tapjoy for about $400 million in cash. IronSource said Tapjoy is expected to generate about $81 million in net revenue this year.

Taiwan Semiconductor (TSM) added 2.3% after reporting improved Q3 net income and revenue exceeding analyst forecasts and disclosing plans to build a new factory in Japan that's expected to begin production by the end of 2024. CEO CC Wei said capacity will likely remain "tight" over the rest of 2021 and throughout 2022, according to reports.

E2open Parent Holdings (ETWO) declined nearly 1%, giving back a morning gain that followed the supply-chain technology firm narrowing its fiscal Q2 net loss by 87% compared with year-ago levels, reporting an $0.11 per share loss for the three months ended Aug. 31, while non-GAAP revenue grew nearly 13% to $92.3 million. Analysts, on average, had been looking for a GAAP net loss of a $0.01 per share on $91 million in revenue.

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