Sector Update: Tech Stocks Rise Again on Tuesday

Last Updated: Tuesday, October 19, 2021 3:54 PM | MT Newswires

Technology stocks backed away slightly from their intra-day highs, with the SPDR Technology Select Sector ETF (XLK) Tuesday climbing 0.9% while the Philadelphia Semiconductor Index was advancing 1.2% this afternoon.

In company news, Snap (SNAP) climbed almost 1% after saying the new Pixel 6 mobile phone released Tuesday by Alphabet's Google (GOOG,GOOGL) unit includes a new "quick tap to Snap" feature enabling users to access the Snapchat camera directly from the lockscreen. The companies also are offering augmented reality lenses using selected Pixel features, including live translation, through Snapchat's chat feature on the new phones. Google shares were 0.6% higher late in Tuesday trading.

E2open Parent Holdings (ETWO) advanced 5% after a regulatory filing showed CEO Michael Farlekas earlier Tuesday bought 20,000 of the supply-chain technology company's shares through an open market transaction at $11.76 each, increasing his direct stake to 213,531 shares.

Energous (WATT) rose over 10% after the US Federal Communications Commission authorized the company's 900MHz 1W Active Energy Harvesting transmitter technology that is able to charge multiple mobile devices at any distance. The technology previously received European approvals.

Among decliners, International Business Machines (IBM) was edging 0.3% lower after Tuesday saying it was buying the Adobe Workfront consulting unit and related assets from Rego Consulting in a bid to bolster its hybrid cloud and artificial intelligence strategy. Financial details of the transaction were not disclosed.

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