Markets

Sector Update: Tech Stocks Benefit From Afternoon Buying

3:54PM ET 1/26/2021 MT Newswires
Technology stocks rose moderately in Tuesday trading, with the SPDR Technology Select Sector ETF climbing 0.3% and overcoming a 1.3% decline this afternoon for the Philadelphia Semiconductor Index.

In company news, EZGO Technologies (EZGO) rallied in its Tuesday debut on the Nasdaq Global Select market, rising as much as 386% after the Chinese e-bikes and lithium battery technology company overnight priced an $11.2 million initial public offering of 2.8 million common shares at $4 each, matching its expected price. The new stock quickly topped out at $19.44 a share in midday trade after opening at $10.59, more recent climbing more than 329% to $17.17 a share.

Twitter (TWTR) climbed 3.9% after Tuesday announcing its purchase of Revue, a startup company running a platform for writers and publishers to post and monetize editorial content. Financial terms of the transaction were not disclosed but Twitter said it continue to operate as a stand-alone service, adding it will provide all users with free access to Revue Pro features and lowering the paid newsletter fee to 5%.

BlackBerry (BB) was ending 4.8% higher, recouping a portion of its early 8.2% gain after saying Baidu's (BIDU) high-definition maps will run on its QNX Neutrino real-time operating system, building on their 2018 deal to use BlackBerry operating system as the foundation for Baidu's Apollo autonomous driving open platform.

Primoris Services (PRIM) declined 1.2%. The specialty contractor Tuesday announced a $19 million notice-to-proceed order from an unnamed client for initial work on a solar energy project in the southeastern US that could eventually top $200 million in value for Primoris if it is selected to complete the utility-scale project.