Sector Update: Tech Stocks Gain Late Afternoon

MT Newswires Live10-15

Tech stocks were rising late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) climbing 1.4% and the SPDR S&P Semiconductor ETF (XSD) adding 1.3%.

The Philadelphia Semiconductor index advanced 2%.

In corporate news, Zapata Computing (ZPTA) shares plunged nearly 72% after the company said in a regulatory filing late Friday that its board approved the cessation of operations due to insolvency.

Ibotta (IBTA) shares popped 6% after Goldman Sachs upgraded the company's stock to buy from neutral with a price target of $87.

BigBear.ai (BBAI) shares jumped past 17% after the company said Monday that the US Army has awarded it a $165.2 million five-year contract for Global Force Information Management Production Services.

IBM (IBM) faces a challenging first quarter of 2025 due to a combination of factors, including an incremental headwind to earnings from its pending acquisition of HashiCorp (HCP), UBS Securities said in a note. IBM shares were rising 0.9%.

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