Industry update: Tech stocks fall as investors brace for possible recession

Tech stocks fell on Friday, with the SPDR Technology Select Sector ETF (XLK) down 1.8% and the Philadelphia Semiconductor Index down 2% this afternoon.

In company news, Guardforce AI (GFAI) rose 4.5% on Friday night after announcing plans to work with private company Riversoft to develop a range of contactless travel services using robotic Concierge technologies from GFAI. Financial terms and other details of the new partnership were not disclosed.

Guidewire Software (GWRE) rose 3.8% after saying overnight that its board had authorized a new $400 million share buyback program, effective immediately.

Opera (OPRA) climbed 3% after announcing plans on Friday to buy 360 Security Technology’s 20.6% stake in the Norwegian web browser company for $128.6 million in cash. Under the terms of the proposed transaction, which is subject to 360 Security shareholder approval, Opera will pay $5.50 each for the equivalent of approximately 23.4 million of its U.S. Depository Shares, or approximately 36.5% above Thursday’s closing price.

On the downside, DocuSign (DOCU) fell 3%. The software company said late Thursday that Alphabet (GOOG, GOOGL) chief marketing officer Allan Thygesen would become its new CEO on Oct. 10, succeeding board chair Mary Agnes Wilderotter, who was chief executive by the company since the resignation of Dan Springer on June 21. Thygesen is currently president of the Americas and Global Partners of Alphabet’s Google unit.

You might also like

Robert D. Coleman