Technology stocks declined Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 0.8% while the Philadelphia Semiconductor Index was sliding 2.2%.
In company news, Kopin (KOPN) fell over 21% after saying restructuring efforts now underway at the microdisplays company lowered its Q4 revenue below analyst projections for the three months ended Dec. 31. The upcoming sale of its non-profitable businesses also will result in less revenue during the current quarter and the rest of 2023, it said.
Navitas Semiconductor (NVTS) was sinking 3.7% after the chipmaker Thursday said it was acquiring the minority stake in a joint venture with Halo Microelectronics developing application-specific silicon controllers for Navitas’ gallium nitride integrated circuits for $20 million in stock.
Snowflake (SNOW) declined 3.3% after the data management company announced its purchase of SnowConvert, which has developed a software suite to migrate databases to the data cloud, from privately held Mobilize.Net. Financial terms were not disclosed.
Ondas Holdings (ONDS) slipped 0.6% after Thursday saying it received a development order for a software-based network controller for railroad consultants MxV Rail, enabling class 1 rail carriers to optimize their use of multiple frequencies, networks, and applications. Financial details were not disclosed.
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