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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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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