Technology Sector Update for 11/28/2023: ZS, CFLT, ADBE


Tech stocks fell Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) decreasing 0.1% and the Philadelphia Semiconductor index dropping 1.1%.

In corporate news, Zscaler (ZS) shares fell 0.3% after the company reported a 24% increase in operating expenses and a below-consensus billings outlook, both of which overshadowed solid Q3 results.

Confluent (CFLT) shares rose 9.7% after Bernstein started coverage of the company with an outperform rating and $34 price target.

The UK Competition and Markets Authority said Tuesday that Adobe Systems’ (ADBE) proposed $20 billion acquisition of design platform Figma may raise competition concerns. Adobe shares were up 0.2%.

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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