Sector Update: Tech Stocks Trading Higher in Late Afternoon Trade

Last Updated: Tuesday, June 22, 2021 4:02 PM | MT Newswires

Technology stocks continued to add to their early gains, with the SPDR Technology Select Sector ETF Tuesday rising 0.8% while the Philadelphia Semiconductor Index was advancing 0.3% this afternoon.

In company news, CrowdStrike Holdings (CRWD) rose 7.8% following a Stifel upgrade Tuesday of the cybersecurity firm to buy from hold and a $60 increase to its price target to $300 each.

Splunk (SPLK) climbed nearly 11% after the data analytics company said it would sell $1 billion of 0.75% convertible senior notes due 2026 to technology investment firm Silver Lake to fund common share purchases and new growth initiatives. The notes have an initial conversion price of $160 per share, or 30% over Splunk's volume-weighted average closing price over the past 10 days.

On the losing side, Daqo New Energy (DQ) declined 4.2% after saying it has completed the registration process for an initial public offering by its Xinjiang Daqo New Energy operating subsidiary on the Shanghai Stock Exchange's Sci-Tech innovation board and that it was expecting to issue stock within the next four weeks.

MicroVision (MVIS) fell almost 11% after the lidar sensors developer announced plans for an at-the-market offering of up to $140 million of its common shares.

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