Technology Sector Update for 08/24/2020: BRQS,AAPL,SPOT

Technology stocks were advancing on Friday, with the SPDR Technology Select Sector ETF adding 0.9% in value while the Philadelphia Semiconductor Index was rising 0.6% this afternoon.

In company news, Borqs Technologies (BRQS) rose 92% after the Chinese software firm Monday said it received a purchase order valued at more than $15 million to supply mobile online point-of-sale devices into the Indian market.

Apple (AAPL) was rising 1.4% ahead of a deadline later Monday for investors to acquire the company's stock ahead of a 4-for-1 stock split scheduled for August 30. Apple shares also are finding support after Morgan Stanley raised its price target for the tech giant by $89 to a Street-high $520 a share.

Spotify Technology (SPOT) fell fractionally after announcing a new, exclusive partnership with Riot Games to provide audio-streaming for League of Legends events as well as working with the company to create podcasts and playlists for the gaming community.

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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