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Technology stocks were narrowly lower Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 0.1% although the Philadelphia Semiconductor Index still was gaining 0.5%.
In company news, Arconic (ARNC) sped 20% higher amid reports Apollo Global Management (APO) has made a formal offer to acquire the aerospace parts company. Arconic’s advisors also have talked with other potential buyers, according to The Wall Street Journal, citing unnamed people familiar with the matter.
Gogo (GOGO) rose nearly 15% after the airborne connectivity company reported Q4 net income of $0.21 per share on $108.2 million in revenue, beating the Capital IQ consensus calls expecting $0.15 per share and $107.2 million in revenue.
Wejo Group (WEJO) gained 1.5% after the software firm expanded its collaboration agreement with Mercedes-Benz Connectivity Services to provide personalized connected data services for selected Mercedes-Benz fleet vehicles in the European Union. Financial terms were not disclosed.
Thoughtworks Holding (TWKS) dropped nearly 16% after reporting adjusted Q4 net income of $0.10 per share, topping the Capital IQ consensus call expecting no change from its adjusted profit of $0.09 per share during the same quarter in 2021. The technology consultants guided its Q1 results below analyst estimates.
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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