Sector Update: Tech Stocks Dragging on Broader Tuesday Markets

Last Updated: Tuesday, September 28, 2021 1:19 PM | MT Newswires

Technology stocks were helping lead the broader Tuesday markets lower as rising Treasury yields pull investors away from the dividend-rich sector. At last look, the SPDR Technology Select Sector ETF (XLK) was sliding 1.9%, while the Philadelphia Semiconductor Index was falling 2.5% this afternoon.

In company news, TD Synnex (SNX) slid 7.7% after the enterprise electronics and software company Tuesday forecast adjusted earnings for its fiscal Q4 ending Nov. 30 in a range of $2.50 to $2.80 per share compared with the lone analyst estimate expecting non-GAAP Q4 net income of $2.85 per share.

Remark Holdings (MARK) fell 8.1% after the business software firm announced plans for a $5 million private placement with a lone institutional investor of 4.2 million common shares priced at $1.18 each, matching Monday's closing price for the stock. The investor also received 5-year warrants to buy up to 4.2 million more shares exercisable at $1.35 per share.

Among gainers, Gogo (GOGO) raced over 28% higher after the in-flight internet connectivity company raised its long-term financial growth targets, now projecting an increase in non-GAAP EBITDA margin in 2025 to 45% from 40% this year and a rise in free cash flow to $200 million by 2025 from the $125 million expected for 2023.

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