Lending markets

Industry Update: Tech stocks fuel afternoon rally for broader markets

Tech stocks remain solidly higher on Friday afternoon, with the SPDR Technology Select Sector ETF (XLK) and the Philadelphia Semiconductor Index up nearly 2.0%.

In corporate news, Grid Dynamics (GDYN) climbed 4% on Friday after the digital transformation services company announced it had secured a new three-year, $30 million revolving credit facility through JPMorgan Chase Bank. . Borrowings from the new loan facility will be used to support growth and operational objectives, he said.

Intrusion (INTZ) gained 7% after the data mining and cybercrime detection company overnight reported a net loss of $0.20 per share in the fourth quarter, improving on a loss of 0.23 $ per share in the last three months of 2020, while revenue grew 3.8% year-on-year. -year, reaching $1.64 million.

SolarEdge Technologies (SEDG) was down nearly 1% this afternoon, down from a 7.1% decline earlier on Friday that followed the electronics company which priced a $590 million public offering. $2 million common stock at $295 each, or 6.2% below Thursday’s closing price.

BigBear.ai (BBAI) plunged nearly 22% after the data analytics firm reported a fourth-quarter net loss of $1.02 per share on $33.5 million in revenue late Thursday, per compared to a single analyst’s estimate of a loss of $0.02 per share for the three months ending December. 31 and a consensus call to two analysts seeking $42.2 million in fourth-quarter revenue.

You might also like