Sector Update: Tech Stocks Spark Late Friday Rally

Friday, September 25, 2020 3:59 PM | MT Newswires

Technology stocks were finishing near their market-leading session highs, with the SPDR Technology Select Sector ETF climbing 2.4% while the Philadelphia Semiconductor Index was rising 1.4% this afternoon.

In company news, International Game Technology (IGT) climbed 2.2% after Friday saying two casinos in North Dakota operated by the Turtle Mountain Band of Chippewa Indians will be using its PlaySports betting platform and self-service kiosks. Financial details were not disclosed. The upcoming launches are at the Sky Dancer and Treasure casinos in Belcourt, N.D. and Trenton, N.D.

InnerWorkings (INWK) rose 5.7% after the software and database firm Friday said it expects to close on a $177 million buyout offer from HH Global on Oct. 1 after shareholders voted to approve the proposed transaction, which will see HH Global pay $3 in cash for each InnerWorkings share.

IBEX (IBEX) rode a nearly 29% advance after the digital marketing late Thursday reported $100.9 million in fiscal Q4 revenue, improving on $87.9 million during the same quarter last year and beating the Capital IQ consensus expecting $96.8 million for the three months ended June 30.

Sunworks (SUNW) slid over 44% after the photovoltaic power company said Nasdaq earlier this week warned that its stock was at risk after its share price fell below the stock exchange's $1 per share minimum bid price. Sunworks closed under $1 as recently as Tuesday at 77 cents a share, extending a string that dates back to August 11.

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