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Technology stocks were sinking Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 1.4% and the Philadelphia Semiconductor Index 1.8% lower.
In company news, Canon (CAJ) dropped 7.4% after the Japanese cameras, printers, and optical products company Monday reported a 21% year-over-year increase in Q4 sales, which rose to 1.157 trillion yen ($8.87 billion) but still trailed the Capital IQ consensus call for 1.165 trillion yen. Net income during the three months ended Dec. 31 came in at 84.84 billion yen, inching past the 84.56-billion-yen analyst mean.
Silicom (SILC) declined 5.5% even after the networking equipment company beat the sole analyst’s estimates with its Q4 results and also projected between $37 million to $38 million in revenue for the current quarter ending March 31, straddling the analyst’s projection of $37.8 million.
Nano Dimension (NNDM) fell 3.3% after the additive electronics company said Monday it rejected a bid by Canadian investment manager Murchinson Ltd. and its CEO, Marc Bistricer, to convene a special shareholder meeting, saying the hedge fund manager did not meet the necessary requirements under the Israeli corporate rules. The company also said it adopted a limited-duration shareholder rights plan intended to thwart unsolicited takeover attempts.
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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