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Technology stocks were edging lower on late Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) declining 0.4% while the Philadelphia Semiconductor Index was dropping 1.1%.
In company news, Alphabet (GOOG, GOOGL) fell 2.1% after the US Department of Justice and eight states filed an antitrust lawsuit against the internet giant’s Google unit, alleging the search-engine company is abusing its market dominance in online advertising by using “anticompetitive, exclusionary and unlawful means to diminish any potential threat.”
Verb Technology (VERB) tumbled 49%, erasing a large slice of Monday’s 69% gain, after the software-as-a-service company disclosed plans for a public offering of its common stock, subject to market conditions.
Among gainers, Crane (CR) climbed 4.4% after the aerospace and specialty electronics company late Monday reported non-GAAP net income of $2.13 per share for its Q4 ended Dec. 31, up from $1.31 a year earlier and beating the Capital IQ consensus by $0.23 per share.
SkyWater Technology (SKYT) rose 6.2%. The company said Tuesday closely held Vorago Technologies will move its semiconductor manufacturing to SkyWater’s foundry in Minnesota where the company will use Vorago’s Hardsil technology that allows devices to operate at higher temperature and radiation levels. Financial terms of the partnership were not disclosed.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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