Sector Update: Tech Stocks Maintaining Wednesday Gains

Wednesday, January 13, 2021 3:57 PM | MT Newswires

Technology stocks still were hanging on to most of their midday advance, with the SPDR Technology Select Sector ETF Tuesday late Wednesday rising 0.7% while the Philadelphia Semiconductor Index was advancing 0.2% this afternoon.

In company news, Turtle Beach (HEAR) rose 3.2% after the consumer electronics company Wednesday announced its purchase of privately held Neat Microphones for an undisclosed amount. The company said the deal will support the growth of its digital and USB accessories segment, adding nearly 40 patents and almost 70 trademark registration now held by Neat Microphones to its intellectual property portfolio.

WiMi Hologram Cloud (WIMI) climbed nearly 15% 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 7.6% 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. VMware fell 6.7% on Wednesday.

Canadian Solar (CSIQ) was declining 2.6% 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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