Technology stocks extended their Tuesday advance, with the Technology Select Sector SPDR Fund (XLK) rising 2.3% in late trade and the Philadelphia Semiconductor Index gaining 3%.
In company news, Momentive Global (MNTV) rallied Tuesday, rising more than 20% late in afternoon trading, after the software-as-a-service firm agreed to a $1.5 billion buyout offer from a group led by private-equity investors Symphony Technology Group, with the $9.46-per-share transaction representing a 22.5% premium over Monday’s closing price.
Varonis Systems (VRNS) rose 8.1% after the data-analytics company reaffirmed its Q1 and full year 2023 forecasts straddling Wall Street expectations.
Advanced Micro Devices (AMD) was up 6.6% after introducing its fourth-generation EPYC processors based on the company’s Zen 4 architecture for use in embedded networking, security firewall and storage systems in cloud and enterprise systems.
GitLab (GTLB) fell more than 23% after the software-development platform company forecast revenue for its fiscal Q1 and fiscal 2024 lagging analyst projections for the respective periods.
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