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Sector Update: Tech Stocks Gain Late Afternoon

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Sector Update: Tech Stocks Gain Late Afternoon

Nov 7, 2024 1:58 PM

03:58 PM EST, 11/07/2024 (MT Newswires) -- Tech stocks rose late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) advancing 1.7% and the SPDR S&P Semiconductor ETF (XSD) adding 1.2%.

The Philadelphia Semiconductor index climbed 2.3%.

In corporate news, Wolfspeed ( WOLF ) shares plunged 39.4%. The company's Mohawk Valley revenue fell short of expectations, and guidance of $60 million in the December quarter and the downward revision for March-quarter revenue to $85 million from $100 million reflect broader demand challenges, Morgan Stanley said.

Freshworks ( FRSH ) shares surged past 28% in recent trading, a day after posting its Q3 results ahead of analysts' estimates and raising its full-year outlook.

EPAM Systems ( EPAM ) shares popped nearly 15% after the company reported higher Q3 adjusted earnings and revenue and raised its outlook for the full year.

AppLovin ( APP ) shares soared 44% in recent trading, a day after the company reported higher Q3 results that beat analysts' expectations.

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