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Technology stocks were advancing on Friday, with the Technology Select Sector SPDR Fund (XLK) rising 2.1% and the Philadelphia Semiconductor Index gaining 3.4% this afternoon.
In company news, Cisco Systems (CSCO) rose 2.7% after the networking equipment company late Thursday said it was eliminating 673 positions in California by March 13 as part of its broader efforts announced in November to reduce its workforce by 5%.
Confluent (CFLT) gained 2.7% on Friday after the data streaming company announced its purchase of privately held Immerok, which has contributed to the Apache Flink technology for building data stream processing applications. Financial terms were not disclosed.
Luminar Technologies (LAZR) fell 9.3% after short-sellers Citron Research said in a Friday tweet it believes the automotive sensors company’s share price is likely “heading under $1.” Luminar Technologies did not immediately respond to a request for comment from MT Newswires.
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