01:58 PM EDT, 09/13/2024 (MT Newswires) -- Tech stocks rose Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) up 0.6% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.3%.

The Philadelphia Semiconductor index advanced 1.7%.

In corporate news, Adobe (ADBE) shares slumped nearly 9% after the company's Q4 revenue outlook missed market expectations. After the results late Thursday, Fubon downgraded Adobe to neutral with a price target of $610, and Citigroup, Bernstein, Melius and UBS cut their prices targets on the stock.

Upwork ( UPWK ) investor Engine Capital on Friday urged the company to refresh its board and proposed other measures to boost shareholder value. Upwork ( UPWK ) shares jumped 8.5%.

IBEX (IBEX) shares surged 17%, a day after the company reported its fiscal Q4 results.