Sector Update: Tech Stocks Rise Late Afternoon

MT Newswires Live10-05

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.

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