Sector Update: Tech Stocks Rebound This Afternoon, Led Higher by Chipmakers

Last Updated: Friday, January 14, 2022 4:03 PM | MT Newswires

Technology stocks were ending higher, with late buying on Friday helping reverse earlier declines. The SPDR Technology Select Sector ETF (XLK) was advancing 0.8% while the Philadelphia Semiconductor Index was climbing 2.0% this afternoon.

In company news, CI&T (CINT) fell 8.1% after the Brazilian software firm announced its acquisition of Somo Global, paying 49 million British pounds in cash and stock for the UK-based digital product agency, which is also eligible for up to 9.8 million pounds in earn-out payments.

Cerence (CRNC) slid 7.9% after RBC Capital Markets lowered its stock rating for the virtual assistant software firm to sector perform from outperform and trimmed its price target by $18 to $77, saying expectations for the company's connected services business may be too high.

To the upside, SAP (SAP) rose 2.2% after the German software firm reported preliminary Q4 net income of 1.86 euros ($2.13) per share, excluding one-time items, up from a 1.70 euro per share adjusted profit during the same quarter in 2020 and topping the Capital IQ consensus of 1.62 euros per share. SAP late Thursday also authorized a new, 1-billion-euro stock buyback program beginning Feb. 1 and running through the end of the year.

Guardforce AI (GFAI) rallied Friday, climbing 54% in late trade, after the cash transport company announced plans to acquire Shenzhen Keweien Robot Service Co. and Guangzhou Kewei Robot Technology Co. for $10 million in cash and stock, expanding Guardforce's robotics-as-a-service offerings.

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