Sector Update: Tech Stocks Rise Late Afternoon

MT Newswires Live10-05 03:42

Tech stocks were gaining late Friday afternoon with the Technology Select Sector SPDR Fund (XLK) adding 1% and the SPDR S&P Semiconductor ETF (XSD) climbing 1.4%.

The Philadelphia Semiconductor index advanced 1.5%.

In corporate news, Guidewire Software (GWRE) may release new long-term financial targets during an investor day on Thursday, Oppenheimer said in raising its price target to $200 from $185 on the stock "to reflect elevated confidence" in the company's long-term outlook. The firm kept its outperform rating. Guidewire shares added 0.6%.

Meta Platforms (META) launched a new artificial intelligence tool called Movie Gen that can generate videos based on a text prompt. Meta shares rose 1.9%.

Microsoft-backed (MSFT) OpenAI is leasing its first office in New York, joining other artificia- intelligence companies that have been acquiring space in the city, The Wall Street Journal reported. Microsoft shares added 0.1%.

BlackSky Technology (BKSY) shares jumped 7.6% as Craig-Hallum upgraded the stock to buy from hold with a price target of $10.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment