Sector Update: Tech Stocks Erase Midday Slide, Led by Chipmakers

03:35 PM EDT, 09/16/2021 (MT Newswires) -- Technology stocks were ending little changed, with the SPDR Technology Select Sector ETF (XLK) Thursday slipping less than 0.1% while the Philadelphia Semiconductor Index was rising 0.3% this afternoon, reversing a midday decline.

In company news, Palantir Technologies (PLTR) added 5.8% after the software firm announced a new partnership with privately held vehicle data company Wejo to create an integrated data ecosystem for the automotive industry and beyond. Wejo plans to complete a merger with blank check company Virtuoso Acquisition Corp. (VOSO) later this year. Virtusoso shares were narrowly lower in late trade.

CNH Industrial (CNHI) rose 3.3% after the farm equipment comoany said it joined the 5G Open Innovation Lab to develop 5G, edge computing and other digital technologies for agricultural markets. Separately, Raven Industries (RAVN) shareholders late Wednesday voted to approve CNH's $2.08 billion acquisition offer for the precision agriculture company.

ForgeRock (FORG) was 45% higher late in its first day on the New York Stock Exchange after the identity management software company priced a $275 million initial public offering of 11 million class A shares at $25 per share, topping its expected $21 to $24 range.

To the downside, Cisco Systems (CSCO) slipped 0.2%, giving back an early 2.2% gain after the networking giant said Wednesday during its investor day it plans to increase revenue at an compounded annual rate of 5% to 7% through FY25, supported by rising software sales and an expanded product range. The upbeat outlook prompted a Credit Suisse upgrade Thursday while other firms raised their price targets for the stock.