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Technology stocks were finishing well above their intra-day lows, with the Technology Select Sector SPDR Fund (XLK) Friday falling 2.1% while the Philadelphia Semiconductor Index was sliding 1.7% this afternoon.
In company news, NV5 Global (NVEE) was slumping 14% late in Friday trading, recovering a narrow portion of its 22% slide to its lowest share price since August 2021, after the technology consulting company missed Wall Street expectations with its Q4 net income and revenue. Excluding one-time items, it earned $1.21 a share on $189.8 million in revenue, lagging the Capital IQ consensus expecting $1.54 per share and $203.4 million, respectively.
Vicor (VICR) declined as much as 31% on Friday, sinking to its lowest share price since April 2020, after the electronics manufacturer reported a drop in net income to $0.18 per share during its Q4 ended Dec. 31 compared with its $0.20 per share profit during the same quarter in 2021 and trailing the two-analyst mean by $0.02 per share.
Adobe Systems (ADBE) fell 7.2% following reports the US Department of Justice may try to block the software company’s proposed $20 billion acquisition of web-based design firm Figma on anti-trust grounds. The Justice Department lawsuit could be filed as soon as next month, according to a Bloomberg report, citing unnamed sources.
ON Semiconductor (ON) declined 2.5% on Friday after pricing an upsized $1.3 billion private placement of 0.50% convertible senior notes due 2029, up from its original plans to sell $1.1 billion of the six-year securities.
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