Tech stocks were sharply higher Friday afternoon, adding to sector gains in the previous day, with the Technology Select Sector SPDR Fund (XLK) rising 2.6% and the Philadelphia Semiconductor index advancing 5.4%.
In company news, Marvell Technology (MRVL) shares jumped past 29% after it posted fiscal Q1 results that beat market expectations.
RingCentral (RNG) and 8×8 (EGHT) shares surged past 16% and 14%, respectively, after Sylebra Capital reported an 8.68% stake in RingCentral and 12.37% stake in 8×8.
PagSeguro Digital (PAGS) shares slumped over 15% after it posted Q1 revenue that came in below consensus estimates.
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