Technology stocks were advancing Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 1.1% and the Philadelphia Semiconductor Index gaining 0.2%.
In company news, Qualtrics International (XM) rose 6.6% 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 2% 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.
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 more than 13% in Monday afternoon trading.
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