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Technology stocks were declining on Friday, with the Technology Select Sector SPDR Fund (XLK) falling 2.2% while the Philadelphia Semiconductor Index was sliding 2.3% this afternoon.
In company news, 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 7.7% 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 3% 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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