Technology Sector Update for 01/25/2021: NTES,NCTY,FSLR,INTC

Technology stocks held on to most of their prior advance, with the SPDR Technology Select Sector ETF Monday rising 0.5% this afternoon although the Philadelphia Semiconductor Index was slipping 0.3% shortly before Monday's closing bell.

In company news, NetEase (NTES) was 6.5% higher after the Chinese online gaming company was identified for taking an undisclosed equity stake in privately held IMVU, which is reforming as a social media firm under the new Together Labs name. Also participating in the more than $35 million strategic investment round was the private-equity firm Structural Capital.

The9 (NCTY) rose nearly 21% after the Chinese online gaming company said it signed five legally binding memorandums of understanding with five bitcoin mining machine owners to buy those processors by issuing a yet-to-be determined number of its class A ordinary shares. After the deal closes, The9 will own 26,007 Bitcoin mining machines with a total hash rate of around 549 petahash per second, representing 0.36% of the global hash rate for bitcoin, it said.

First Solar (FSLR) was finishing 1.2% lower after Monday announcing plans to sell 10 gigawatts of utility-scale photovoltaic energy projects platforms in California, North Carolina, Ohio, Tennessee and Texas to Leeward Renewable Energy Development, a portfolio company of the Ontario Municipal Employees Retirement System pension fund. Financial terms were not disclosed.

Among decliners, Intel (INTC) fell 2.4% after the chipmaker late Friday filed a registration statement for the potential sale of an indeterminate amount of securities, including common and preferred stock, warrants, depositary shares, purchase contracts and debt.

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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