Sector Update: Tech Stocks Fall Pre-Bell Wednesday
Technology stocks were falling pre-bell Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) down 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 2%.Super Micro Computer (SMCI) stock was down more than 12% after the company unveiled plans for up to $7 billion in equity and equity-linked financing to meet demand.ChipMOS Technologies (IMOS) shares were down more than 4% after the company reported revenue of 2.38 billion New Taiwan dollars ($75.2 million) for May, down 3.1% sequentially and up nearly 18% from a year earlier.Taiwan Semiconductor Manufacturing (TSM) reported that its net revenue for the month of May was about 416.98 billion New Taiwan dollars ($13.18 billion), up 1.5% from the previous month, and up 30.1% from a year earlier. Taiwan Semiconductor stock was down more than 2% premarket.