Technology stocks were posting large gains in Tuesday trading, with the SPDR Technology Select Sector ETF advancing 1.2% while the Philadelphia Semiconductor Index was rising 2%.
In company news, Fastly (FSLY) rose 7.6% after the software firm said it has added several new features to its Compute@Edge serverless cloud platform, including customizable logging, real-time and historical metrics, and tracing capabilities that allow developers to see what happens after code is used within a serverless architecture. The company said the new tools solves a common problem for many customers by quickly providing them with performance data to support decision-making.
Xilinx (XLNX) also was 6.7% higher after the integrated circuits company raised its fiscal Q1 revenue forecast to a new range of $720 million to $734 million, up from its prior outlook expecting between $660 million to $720 million for the three months ended June 27 and breezing past the Capital IQ expecting $690.6 million in Q1 revenue.
Micron Technology (MU) climbed 4.5% after the data storage company reported non-GAAP net income of $0.82 per share on $5.44 billion in revenue during its fiscal Q3 ended May 28, beating the Capital IQ consensus expecting a $0.76 per share adjusted profit and $5.31 billion in revenue. It also is projecting Q4 earnings and revenue exceeding Wall Street estimates.
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