Sector Update: Tech Stocks Rally Tuesday amid Renewed Buyout Bid for Twitter

Last Updated: Tuesday, October 4, 2022 3:55 PM | MT Newswires

Technology stocks were finishing near their intra-day highs this afternoon, with the SPDR Technology Select Sector ETF (XLK) rising 3.2% while the Philadelphia Semiconductor Index was gaining 3.9% this afternoon.

In company news, DXC Technology (DXC) climbed 5.6% after the IT services company Tuesday said it has been approached by an unnamed "financial sponsor" with a potential acquisition offer and has begun preliminary talks and sharing information although it also stressed it has yet to receive a formal proposal.

CommScope (COMM) rose over 15% after Credit Suisse raised its stock rating for the networking equipment company to outperform from neutral and also increased its price target for CommScope shares by $6 to $17.

Twitter (TWTR) jumped over 21% after resuming trading following a more than 3-hour halt this afternoon after Elon Musk Tuesday confirmed he was reviving his $54.20-per-share acquisition bid for the social media company rather than continuing with his legal fight to scuttle the deal. According to a regulatory filing this afternoon, Musk said his advisors sent a letter to the Twitter board stating he "intends to proceed to closing" at the original terms of his $44 billion offer announced April 25.

Micron Technology (MU) rose 4.3% after the chipmaker Tuesday disclosed plans to invest as much as $100 billion to build a new semiconductor manufacturing facility near Syracuse in central New York.

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