Mixed performance in tech stocks, PWSC to be acquired, GEN downgraded, MSFT partnership positive

From Nasdaq: 2024-06-07 13:52:24

Tech stocks saw mixed performance Friday afternoon, with XLK rising 0.5% and XSD falling 1.6%. The Philadelphia Semiconductor index went up by 0.3%. In corporate news, PowerSchool (PWSC) is set to be acquired by Bain Capital for $5.6 billion, with shares adding 0.1%.

Gen Digital (GEN) shares dropped 3.3% after a downgrade by Morgan Stanley. Meanwhile, Microsoft’s partnership with OpenAI is projected to drive $50 billion in AI revenue in four years, leading Oppenheimer to raise the price target on MSFT to $500 with an outperform rating. Shares of Microsoft increased by 0.3%.



Read more at Nasdaq: Technology Sector Update for 06/07/2024: PWSC, GEN, MSFT