Sector Update: Tech Stocks Unable to Sustain Earlier Gains

Last Updated: Tuesday, September 14, 2021 3:58 PM | MT Newswires

Technology stocks have turned lower again this afternoon, with the SPDR Technology Select Sector ETF (XLK) Tuesday falling 0.3%, reversing a midday gain, while the Philadelphia Semiconductor Index was easing 0.2%.

In company news, Communications Systems (JCS) climbed over 34% after the networking equipment company said it will pay a special dividend of $3.50 per share on Oct. 15, funding the $34 million outlay with proceeds from the August 2 sale of its Transition Networks and Net2Edge electronics and software segment to Lantronix (LTRX).

Intuit (INTU) rose 1.6% after Monday night saying it was buying marketing platform Mailchimp for about $12 billion in cash and stock.

Among decliners, Oracle (ORCL) slid 2.7% after the business software firm reported a 3.8% year-over-year increase in fiscal revenue to $9.73 billion although that still lagged the Capital IQ consensus expecting $9.77 billion in revenue for the three months ended August 31.

Jamf Holding Corp (JAMF) fell 6.8% after the software firm late Monday announced plans for a $325 million private placement of convertible senior notes due 2026.

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