Technology Sector Update for 03/04/2024: BKSY, AAPL, IRDM, BLKB

Tech stocks ended steady Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) unchanged and the SPDR S&P Semiconductor ETF (XSD) down 0.1%.

The Philadelphia Semiconductor index gained 1.1%.

In corporate news, BlackSky Technology (BKSY) said Monday it secured a multimillion-dollar contract to support the US Department of Defense's moving target AI training. Its shares rose 6.3%.

Apple (AAPL) was fined more than 1.8 billion euros ($1.96 billion) on Monday by the European Union's executive arm for allegedly abusing its market position for the distribution of music streaming apps. Apple shares fell 2.5%.

Iridium Communications (IRDM) fell 1.4%. The company plans to acquire the rest of Satelles, a provider of satellite-based time and location services, for $115 million, net of cash.

Blackbaud (BLKB) said Monday that it plans to buy back 7% to 10% of its common stock through the end of this year as part of its $500 million share buyback program. Its shares rose 3%.

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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