Sector Update: Tech Stocks Fall Late Afternoon

MT Newswires Live06-04

Tech stocks were declining late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.2% and the SPDR S&P Semiconductor ETF (XSD) down 0.4%.

The Philadelphia Semiconductor index was up about 0.1%.

In corporate news, Indie Semiconductor (INDI) is exploring strategic options, including a potential sale, Bloomberg reported Monday. Its shares soared almost 12%.

Autodesk (ADSK) shares spiked 4.6%. The firm late Friday posted better-than-expected preliminary fiscal Q1 results. It also named a new interim finance chief and said it won't restate previous financial statements following an accounting probe.

Science Applications International (SAIC) shares fell 11% after reporting lower fiscal Q1 adjusted earnings and revenue.

Coherent (COHR) shares soared 21% after the company appointed Jim Anderson as chief executive. Anderson previously was CEO of Lattice Semiconductors (LSCC). Lattice shares fell 16%.

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