Technology stocks were posting outsized gains today, with shares of tech companies in the S&P 500 racing to a 1.6% advance during afternoon trading.
In company news, Monolithic Power Systems (MPWR) raced to an all-time high on Tuesday after the chipmaker late yesterday filed suit in federal court against Intersil Corp (ISIL), asserting the analog integrated circuits manufacturer misappropriated confidential trade secrets “to fabricate a web of falsehoods” about its circuit design and products.
In the complaint filed in U.S. District Court in Delaware, Monolithic is seeking a court-ordered injunction barring Intersil from its unlawful conduct as well as unspecified monetary damages. Specifically, the company alleges Intersil used information it gathered on Monolithic to lure away customers and convincing them to use Intersil products rather than Monolithic products.
MPWR shares were up over 4% at $83.69 each, previously reaching their best price ever at $88.08 a share soon after today’s opening bell. ISIL shares also were edging higher this afternoon, climbing about 0.2% to $22.30 in recent trade.