Sector Update: Tech Stocks Lifting Broader Wednesday Markets Higher

Wednesday, January 13, 2021 1:53 PM | MT Newswires

Technology stocks were helping keep the broader Wednesday markets above their break-even marks, with the SPDR Technology Select Sector ETF Tuesday rising over 0.8% while the Philadelphia Semiconductor Index was advancing 0.4% this afternoon.

In company news, WiMi Hologram Cloud (WIMI) climbed over 17% after Wednesday saying it obtained a patent in an unspecified jurisdiction covering the use of a pulse laser processing device for three-dimensional optical holography use and with applications for autonomous driving, medical imaging, unmanned flight and other fields.

Intel (INTC) jumped 7.7% higher after Wednesday saying CEO Bob Swan will step down on Feb. 15 and will be succeeded by VMware chief executive Pat Gelsinger. The chipmaker also said it expects to exceed its prior Q4 guidance looking for non-GAAP net income of $1.10 per share on $17.4 billion in revenue. Analysts, on average, have been looking for Intel to earn $1.10 per share on $17.45 billion in revenue during the three months ended Dec. 31.

Canadian Solar (CSIQ) was declining 2.1% after Wednesday saying its Recurrent Energy subsidiary has completed the sale of its 300-megawatt Slate project in California to Goldman Sachs (GS) Renewable Power. Net proceeds from the deal will be recognized during Canadian Solar's current Q1. The solar energy firm also said its majority-owned System Solutions and Energy Storage subsidiary will provide the battery storage integration for the project. Other financial details were not disclosed.

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