Sector Update: Tech Stocks Rise Friday Afternoon

MT Newswires Live12-14

Tech stocks were advancing Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) fractionally higher and the SPDR S&P Semiconductor ETF (XSD) rising 1.5%.

The Philadelphia Semiconductor index gained 2.5%.

In corporate news, Broadcom (AVGO) shares surged 20%. The company reported fiscal Q4 non-GAAP net income late Thursday of $1.42 per diluted share, up from $1.11 a year earlier and above the $1.39 consensus estimate of analysts surveyed by FactSet.

Netclass Technology (NTCL) shares were rising 1% in their trading debut on Nasdaq after the company priced 1.8 million class A shares at $5 per share in its IPO.

Viavi Solutions (VIAV) said Friday it has agreed to buy Inertial Labs for an upfront payment of $150 million at closing, and possibly up to $175 million of contingent consideration over four years. Viavi shares were down 0.5%.

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