04:03 PM EDT, 08/09/2024 (MT Newswires) -- Tech stocks closed mixed Friday with the Technology Select Sector SPDR Fund (XLK) rising 0.4% and the SPDR S&P Semiconductor ETF (XSD) decreasing 0.5%.

The Philadelphia Semiconductor index dropped 0.4%.

In corporate news, Iteris ( ITI ) shares jumped 64% after the company agreed to be acquired by Almaviva for $335 million in cash.

Nerdy ( NRDY ) shares tumbled 48% as JPMorgan downgraded the stock to neutral from overweight, and Raymond James lowered the stock to market perform from outperform.

Akamai ( AKAM ) shares jumped 11% after the company reported higher Q2 non-GAAP earnings and sales, beating market expectations, and raised 2024 non-GAAP EPS guidance.

Cisco Systems ( CSCO ) will eliminate thousands of jobs in a second workforce cut this year as the company realigns its focus on high-growth sectors including cybersecurity and artificial intelligence, Reuters reported. The stock fell 0.8%.