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Technology stocks were lower in Friday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) slipping 0.7% and the Philadelphia Semiconductor Index down 1.7%.
In company news, Spotify (SPOT) jumped 4.4% after Bloomberg reported ValueAct Capital Management took an undisclosed stake in the music streaming giant.
Lyft (LYFT) was plunging almost 36%, a day after it reported a Q4 adjusted net loss of $270.8 million, widening from the loss of $90.2 million a year earlier. Several analysts also cut their price targets after the results, including Goldman Sachs to $15 from $18 and UBS to $11 from $15.
Amkor Technology (AMKR) was down 7.0% after the South China Morning Post reported, citing an internal notice, that it plans to close its Shanghai plant for a week to cut costs.
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