Technology stocks

Industry update: Tech stocks extend recent rally to another session

Tech stocks continued their recent rally on Thursday, with the SPDR Technology Select Sector ETF (XLK) up 2.0% while the Philadelphia semiconductor index gained 4.5% this afternoon.

In company news, KLA (KLAC) gained 7.4% after the semiconductor equipment company said investors had offered nearly $706 million of its senior bonds at 4,650 % maturing in 2024 before Tuesday’s deadline, exceeding the $500 million the company had made available for bond buybacks.

Byrna Technologies (BYRN) rose 8.5% after the non-lethal firearms technology company reported a 13.3% year-over-year decline in second-quarter revenue at 11, $6 million, but still beat the two analysts’ average, expecting nearly $11.0 million in revenue for the three months. ended May 31.

VIA Optronics (VIAO) was up 4% after announcing an order from an unnamed “Tier 1” electric vehicle manufacturer in China for its dashboard and central information display. The six-year deal is expected to begin production in the second half of 2023 and provide “a strong contribution” to revenue growth, according to VIA Optronics CEO Jurgen Eichner. Other financial details of the contract were not disclosed.

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