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Sector Update: Tech Stocks Enjoy Mostly Positive Session

12/28/2020 | 03:59pm
(MT Newswires) -- Technology stocks were mostly higher, with the SPDR Technology Select Sector ETF Monday climbing 1.1% although the Philadelphia Semiconductor Index also was slipping 0.2% in late trade.

In company news, Alibaba (BABA) was fractionally higher in late Monday trading following reports its Alibaba Cloud unit is planning to invest up to $500 million in its partnership to provide cloud services in Saudi Arabia over the next five years. According to the Saudi Press Agency, the Alibaba subsidiary also is expecting to open a new office in Riyadh as part of the partnership with Saudi Telecom and eWTP Arabia Capital.

Marathon Patent Group (MARA) climbed over 12% after the cryptocurrency mining company Monday announced its purchase of 70,000 Antminer S-19 ASIC miners from Bitmain for $170 million. The initial batch of 7,000 miners is slated for a July delivery, with the remaining orders expected by the end of 2021 and boosting the Marathon fleet to more than 103,000 miners.

Nano Dimension (NNDM) slid 7.7% after the digital manufacturing company priced a $250 million direct offering of more than 33.3 million American depository shares at $7.50 apiece, or 14.9% under its most recent closing price. Net proceeds will be used for working capital and pursuing potential strategic opportunities, including possible business combinations, and for other general corporate purposes.

Weibo (WB) tumbled 14% after the Chinese social media company Monday reported declines in Q3 net income and revenue compared with year-ago levels and also projected revenue for the current quarter trailing Wall Street forecasts. For the three months ending Dec. 31, it sees total Q4 revenue increasing 1% to 3% over the same quarter last year while analysts, on average, are looking for a 3.9% year-over-year increase to $486.6 million.

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