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Technology stocks fell late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.4% and the Philadelphia Semiconductor Index sinking 1.6%.
In company news, Cognex (CGNX) dropped more than 13%, a day after the company posted a lower Q4 profit. Adjusted earnings fell to $0.27 per diluted share from $0.30 a year earlier. Analysts polled by Capital IQ expected $0.31.
Dropbox (DBX) shares shed over 11% after Morningstar downgraded the stock to hold from buy with a $26 price target following the company’s year-over-year drop in Q4 earnings.
Microsoft (MSFT) fell nearly 2% after Reuters reported that the company is exploring an option that would allow advertisers to insert links within responses generated by the company’s artificial intelligence-powered Bing search engine.
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