02:01 PM EDT, 08/15/2024 (MT Newswires) -- Tech stocks were sharply higher Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 2.8% and the SPDR S&P Semiconductor ETF (XSD) jumping 5.7%.

The Philadelphia Semiconductor index spiked 5%.

In corporate news, Cisco Systems ( CSCO ) shares jumped 7% after the company overnight posted a slower-than-anticipated decline in fiscal Q4 non-GAAP earnings and sales and outlined a restructuring program.

Roper Technologies ( ROP ) shares popped 3.5% after the company agreed to buy Transact Campus, saying it will tie the payments and commerce company's systems into a unit that provides software for senior living, educational, business and healthcare sites.

Alibaba's ( BABA ) fiscal Q1 earnings fell less than expected while revenue trailed Wall Street's estimates. Its shares were marginally higher.