Technology stocks fell Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.8 percent, while the Philadelphia Semiconductor index fell 2.2 percent.
In company news, shares of Kopin (KOPN ) fell more than 21% after the company said ongoing restructuring work at the microdisplay company left fourth-quarter revenue below analysts’ expectations for the three months ended Dec. 31. expected. The impending sale of its nonprofit business will also result in lower revenue for the current quarter and the rest of 2023, it said.
Navitas Semiconductor (NVTS ) shares fell 3.7% after the chipmaker said Thursday it would buy a minority stake in a joint venture with Halo Microelectronics for $20 million in stock to develop specialized silicon controls for Navitas’ gallium nitride integrated circuits. device.
Snowflake (SNOW) fell 3.3 percent after the data management company announced it had acquired SnowConvert, which makes a software suite for migrating databases to the data cloud, from privately held Mobilize.Net. Financial terms were not disclosed.
Ondas Holdings (ONDS) fell 0.6% after it said on Thursday it had received an order from rail consultant MxV Rail for the development of a software-based network controller, enabling the Tier 1 rail operator to optimize its use of multiple frequencies, networks and applications . Financial details were not disclosed.
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