Sector Update: Tech Stocks Still Floundering Near Tuesday Close

Last Updated: Tuesday, November 29, 2022 3:59 PM | MT Newswires

Technology stocks rebounded slightly from their midday lows, with the SPDR Technology Select Sector ETF (XLK) Tuesday falling 1.2% although the Philadelphia Semiconductor Index was sinking 0.3% Tuesday afternoon.

In company news, Seagate Technology Holdings (STX) slid 1.7% after the data-storage company said it was partnering with privately held Hammerspace and its software-defined data platform to create two new bundles combining their respective services and products for data management and storage.

Cognizant Technology Solutions (CTSH) fell 0.7% after disclosing a deal to buy privately held enterprise cloud and data consultants AustinCSI. Financial details were not available.

Red Cat (RCAT) gained almost 1% after the drone technology company overnight said it was selling its consumer unit to Unusual Machines for $5 million in cash and $13 million in Unusual Machines debt and equity securities, with the deal subject to the buyer completing an initial public offering.

GDS Holdings (GDS) added nearly 18% after RBC Capital Markets raised its price target for the Chinese data center company by $7 to $22 while keeping its sector perform/speculative risk rating for the stock.

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