Technology stocks steadied near their intra-day highs during Monday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) rising 1.2% while the Philadelphia Semiconductor Index was gaining 0.6%.
In company news, ON24 (ONTF) gained 4.4% after the customer-engagement software firm increased its capital return program to $125 million from $100 million, with the extra $25 million to be paid as part of its upcoming special cash dividend.
Qualtrics International (XM) rose 6.8% after the customer-relationship software firm majority owned by German tech giant SAP (SAP) agreed to a $12.50 billion, private-equity buyout offer from Silver Lake and the Canada Pension Plan Investment Board. SAP shares were fractionally lower, giving back a modest mid-morning advance.
Applied Materials (AMAT) added 1.5% after the chipmaking equipment company increased its quarterly cash dividend by nearly 23% to $0.32 per share and authorized a new, $10 billion stock buyback program.
Among decliners, Comtech Telecommunications (CMTL) said it has secured “multiple multi-million-dollar” contracts from commercial and government customers in six countries to deliver for its Elevate communications technology platform. The networking equipment company’s shares were down almost 13% in Monday afternoon trading.
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