Top Tech Stocks
Technology stocks were climbing in afternoon trading, with the shares of tech stocks in the S&P 500 advancing 0.3% while the Philadelphia Semiconductor Index was rising 0.5%.
Among technology stocks moving on news:
(+) Advanced Micro Devices (AMD) was 2% higher in heavy Friday volume after the chipmaker said it hired former Intel (INTC) executive Daniel McNamara to be general manager of its server business unit. AMD also announced several other internal promotions to bolster its CPU core and systems, graphics and data center units as well as its Chinese and overall business operations.
In other sector news:
(+) Snap (SNAP) climbed over 4% on Friday following a UBS upgrade of the camera applications company to buy from neutral previously along with a 50% increase in its price target on the company’s stock to $24.
(+) Progress Software (PRGS) rose 4% after late Thursday reporting better-than-expected Q4 financial results and guided net income and revenue for the current Q1 ending Feb. 29 exceeding Wall Street estimates. The networking and productivity software firm also said it has hired former Carbonite chief financial officer Anthony Folger to be its new CFO, succeeding Paul Jalbert who will retire on Jan. 31.
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