Sector Update: Tech Stocks Fall Late Afternoon
Tech stocks were lower late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) shedding 3.9%.The Philadelphia Semiconductor index declined nearly 4%.In corporate news, Amkor Technology (AMKR) shares dropped 23% after its Q3 revenue guidance came in below analysts' estimates.Corning (GLW) shares fell 12% after it reported Q2 results and set guidance for the next quarter.Meta Platforms (META) and asset manager BlackRock (BLK) have teamed up to develop a data center campus in El Paso, Texas, at a cost of roughly $14 billion, the companies said Tuesday. Meta shares were down 0.1%.EchoStar (ECHO) unit Hughes Network Systems is preparing to file for Chapter 11 bankruptcy as soon as this weekend, The Wall Street Journal reported. The satellite internet company is facing a $1.5 billion debt maturity which is due on Aug. 1, the report said. EchoStar shares were shedding 1.3%.
