Technology Sector Update for 07/24/2020: INTC, ECOM, FB, XLK, XSD

Technology firms were slipping premarket Friday. The Technology Select Sector SPDR ETF (XLK) was over 1% lower and the SPDR S&P Semiconductor (XSD) was down more than 3% in recent trading.

Intel (INTC) was declining by over 13% amid a delay to the next-generation of its semiconductor technology of six months, taking the shine off of buoyant fiscal second-quarter results. Revenue surged to a record $19.7 billion during the June quarter from $16.5 billion a year ago and also beat the $18.55 billion consensus.

ChannelAdvisor (ECOM) was surging past 17% after saying it has acquired French-based e-commerce analytics company BlueBoard.

Block 16, an office building in Bellevue, Wash., that is fully leased to Facebook (FB), is up for sale, Bloomberg News reported. Facebook was recently down more than 1%.

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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