Sector Update: Tech Stocks Trailing Other Sectors

Last Updated: Monday, June 21, 2021 3:44 PM | MT Newswires

Technology stocks were underperforming the broader markets Monday. At last look, the SPDR Technology Select Sector ETF was rising 0.9% on Monday while the Philadelphia Semiconductor Index was posting a 0.3% advance this afternoon.

In company news, CalAmp (CAMP) gained 1.7% after announcing a new partnership with the Koelliker Group and its LoJack Italia unit pre-installing its LoJack connected car intelligence system in the Italian auto distributor's SERES 3 C-SUV electric vehicles.

Akoustis Technologies (AKTS) was 0.2% higher, easing from a 6.3% gain earlier Monday that followed it announcing a deal to manufacture XBAW filters for 5G smartphones and other wireless devices for an unnamed front-end customer. Financial terms also were not disclosed.

Nokia (NOK) rose fractionally after Monday saying it will deploy its 5G standalone core network for Dish Network (DISH) on Amazon.com's (AMZN) Amazon Web Services, allowing Dish to offer automation-related services and network slicing to its customers.

Globalstar (GSAT) climbed 16% after B Riley began coverage with a buy stock rating and a $3.25 price target, saying the mobile satellite services company is well-positioned to monetize its "full spectrum of opportunities."

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