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Tech stocks surge ahead, PCTEL soars on acquisition news

Published Oct 16, 2023 12:10
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PCTI
0.00%
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AAPL
-0.60%
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APH
+1.46%
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XSD
+3.83%
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XLK
+1.02%
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MTEK
+0.75%
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This Monday, tech stocks and ETFs saw notable movements in premarket trading. The Technology Select Sector SPDR Fund (XLK) and SPDR S&P Semiconductor ETF (NYSE:XSD) experienced a rally, with increases of 0.3% and nearly 2% respectively.

The standout performer was PCTEL Inc. (NASDAQ:PCTI), which spiked over 47% following an announcement that it would be acquired by Amphenol Corporation (NYSE:NYSE:APH). The all-cash transaction is valued at $139.7 million, a factor that contributed significantly to the surge in PCTEL's stock price.

In contrast, Apple Inc. (NASDAQ:AAPL) faced challenges in the Chinese market as its iPhone 15 sales underperformed due to weak demand and stiff competition from local tech giant Huawei. This led to a pre-bell share drop of 0.6% for the Cupertino-based company.

Despite previous losses and a recent Nasdaq non-compliance notice, Maris-Tech Ltd. (NASDAQ:MTEK) managed to buck the trend with a rally of 3%. The exact reasons behind this rally are not specified in the provided context, but this development indicates an unexpected positive investor sentiment towards the company.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Tech stocks surge ahead, PCTEL soars on acquisition news
 

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