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Sector Update: Tech Stocks, Chipmakers Still Surging Late Monday

MT Newswires ·  01/24 05:02

04:00 PM EST, 01/23/2023 (MT Newswires) -- Technology stocks rallied Monday, with the Technology Select Sector SPDR Fund (XLK) rising 2.3% and the Philadelphia Semiconductor Index gaining 4.9% this afternoon.

In company news, Trust Stamp (IDAI) was almost 46% higher after the US Patent Office issued a notice of allowance for its Privacy-First Identity Company trademark and its low-code identity verification software platform. Nearly two dozen banks have signed on for paid pilot programs of the the Privacy-First Identity system over the past three months, the company said.

Verb Technology (VERB) gained 70% after the company said it was exploring potential actions to address suspicious and possibly illegal trading of its stock, including "naked" short-sales, spoofing, and other activities to artificially lower its share price.

InterDigital (IDCC) added 11% after the networking equipment company began a modified Dutch auction tender offer to buy back up to $200 million shares at $60 to $69 each. The tender offer expires Feb. 17.

Western Digital (WDC) rose 8.6% amid reports the data storage company was in advanced merger talks with Japanese rival Kioxia Holdings. Under the terms of the proposed transaction, Western Digital would spin off its flash business and combine it with Kioxia, with the new company run by Western Digital management and trading both in the US and Japan, according to a Bloomberg News report.

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