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Technology Sector Update for 06/30/2020: FSLY,XLNX,MU

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.

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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