Tech stocks rose late Monday afternoon with the Technology Select Sector SPDR Fund (XLK) adding 0.9% and the SPDR S&P Semiconductor ETF (XSD) up 1.5%.
The Philadelphia Semiconductor Index was gaining 0.7%.
In corporate news, FaZe Holdings (FAZE) shares tumbled 21%. The company plans to hold a special meeting of stockholders on Feb. 16 to vote on its planned merger with GameSquare (GAME). GameSquare dropped 13%.
Microsoft (MSFT) is set to have its “iPhone moment” when it releases its fiscal Q2 results on Tuesday, following the successful launch of its AI-backed chat assistant Copilot, Wedbush Securities said in a note. Wedbush kept its outperform rating on Microsoft, with a price target of $450. Microsoft shares were adding 1.5%.
Talks to merge Western Digital (WDC) and Kioxia Holdings have restarted, Japan’s Kyodo news agency reported Saturday, citing unnamed sources. Western Digital rose 2.2%.
Cardlytics (CDLX) jumped 24% after it said Monday it agreed to pay $25 million in cash in a settlement with Shareholder Representative Services to resolve all disputes regarding the Bridg merger agreement and earnout payments. The company also reported preliminary Q4 results.
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