JTech stocks added to Tuesday’s lead, with the SPDR Technology Select Sector ETF (XLK) on Tuesday up 2.3% shortly before the closing bell and the Philadelphia Semiconductor Index advancing 5 .4% this afternoon.
In business news, Virgin Galactic (SPCE) continued its Tuesday lead, climbing 32% by late afternoon, after saying tickets would go on sale Wednesday for the general public on Wednesday to reserve. an upcoming 90-minute spaceflight from the company’s Spaceport America in New Mexico. Tickets cost $450,000, with passengers paying a $150,000 deposit to reserve their seat and the balance due shortly before launch.
Tower Semiconductor (TSEM) rose 43% to a 17-year high of $47.47 per share after the Israeli chipmaker accepted a $5.4 billion takeover bid by Intel (INTC). Investors will receive $53 in cash for each of their Tower shares, representing a 60% premium over Monday’s close. Intel shares rose 1.5%.
Resonant (RESN) more than tripled in value on Tuesday, recently trading up nearly 257%, after accepting a $295 million acquisition offer from Murata, with the Japanese electronics company paying $4.50 per share in cash for the maker of mobile device components, 266% above its last closing price.
On the downside, Allot (ALLT) slid nearly 16% this afternoon, earlier dropping nearly 21% to its lowest share price since March 2020, after the network infrastructure company announced a net loss of $0.06 per share in the fourth quarter, reversing $0.01 per share. profit in the same quarter last year, while revenue rose 4.9% year-over-year to $39.1 million, but still lagged the analyst average for $40.7 million.
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