01:40 PM EDT, 05/06/2024 (MT Newswires) -- Tech stocks were higher Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 0.6% and the SPDR S&P Semiconductor ETF (XSD) up 1.3%.

The Philadelphia Semiconductor index rose 1.8%.

In corporate news, Perficient (PRFT) shares surged almost 53% in recent trading after the company on Sunday reported lower adjusted earnings and revenue but said it has agreed to be acquired by EQT for about $3 billion.

Micron Technology ( MU ) shares spiked 4.7% as Baird upgraded the company to outperform from neutral and raised the price target to $150 from $115.

Gorilla Technology ( GRRR ) shares rose 3.4% as it said Monday it formed a partnership with Misr Trade & Investment to set up a manufacturing plant in Egypt.