Technology Sector Update for 08/24/2020: AKTS, MSFT, MWK, XLK, SOXX

Technology stocks were gaining in pre-bell Monday trading as both the Technology Select Sector SPDR ETF (XLK) and the Semiconductor Sector Index Fund (SOXX) were up more than 1% recently.

Akoustis Technologies (AKTS) was almost 3% higher even after reporting a fiscal Q4 net loss of $0.27 per diluted share, wider when compared with a loss of $0.19 per diluted share a year earlier.

Microsoft (MSFT) is forging deals with public sector clients abroad to offer cloud infrastructure systems similar to its stalled JEDI contract with the Pentagon, CNBC reported, citing people familiar with the matter. Microsoft was slightly gaining recently.

Mohawk Group (MWK) was 18% lower after it priced a public offering of 3.4 million of its common shares at $7 per share for gross proceeds of $23.5 million.

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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