Sector Update: Tech Stocks Lower Thursday Afternoon

MT Newswires Live10-11

Tech stocks were declining Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) easing 0.2% and the SPDR S&P Semiconductor ETF (XSD) falling 1%.

The Philadelphia Semiconductor Index shed 0.6%.

In corporate news, CrowdStrike (CRWD) and Plurilock Security said Thursday they are partnering on an offering to secure critical infrastructure in "democratic nations and economies" against cybersecurity threats. CrowdStrike shares jumped 4%.

E2open (ETWO) shares tumbled over 20% after the company reported fiscal Q2 revenue of $152.2 million, down from $158.5 million a year earlier. E2open also cut its fiscal 2025 revenue guidance to the range of $607 million to $617 million from $630 million to $645 million.

International Business Machines (IBM) is expected to post "solid" Q3 results amid continued strength in generative artificial intelligence consulting as well as free cash flow performance, RBC Capital Markets said Thursday. RBC raised its price target on IBM to $250 from $211, while maintaining its outperform rating. IBM shares were down 0.8%.

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