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Technology Sector Update for 06/18/2020: ENPH, IDEX, SPOT, XSD, XLK

Technology firms were flat to higher pre-bell Thursday. The SPDR S&P Semiconductor (XSD) was inactive, while the Technology Select Sector SPDR ETF (XLK) was up 0.11% recently.

Enphase Energy (ENPH) was up more than 13%, regaining a portion of previous-day losses that followed a negative research report from Prescience Point Capital Management, a private investment manager that has been issuing negative reports on the company since 2018 to support its short position in ENPH shares.

Ideanomics (IDEX) was advancing by nearly 13% after the financial technology company said its Mobile Energy Global unit secured an order for 400 electric logistic vehicles from Jiangsu Journey Network Technology. The order is valued at $5.1 million.

Spotify Technology (SPOT) has struck a deal with Kim Kardashian West to create a podcast with a social justice theme highlighting the celebrity’s work with non-profit legal organization Innocence Project, the Wall Street Journal reported, citing people familiar with the matter. Spotify was advancing by more than 5% recently.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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