Sector Update: Tech Stocks Gain Friday Afternoon

MT Newswires Live12-07

Tech stocks were higher Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.5% and the SPDR S&P Semiconductor ETF (XSD) rising 1.7%.

The Philadelphia Semiconductor index added 0.8%.

In corporate news, DocuSign (DOCU) shares surged 27% after the company lifted its full-year revenue outlook and reported better-than-expected fiscal Q3 results.

Apple's (AAPL) in-house series of cellular modem chips that will replace components from Qualcomm (QCOM) will debut next spring, Bloomberg reported. Apple shares added 0.1%, and Qualcomm declined 1%.

Asana (ASAN) shares soared 43% after Keybanc issued a note Thursday praising the company's recent performance. Keybanc said it was removing its downside price target on the stock and upgrading its rating to sector weight from underweight.

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