Sector Update: Tech Stocks Ending With Steep Declines on Friday

Last Updated: Friday, November 26, 2021 1:05 PM | MT Newswires

Technology stocks were falling hard this afternoon, with the SPDR Technology Select Sector ETF (XLK) Friday slipping 2.0% while the Philadelphia Semiconductor Index was falling 2.3% this afternoon.

In company news, Exela Technologies (XELA) was paring its earlier declines, slipping 0.5% late in Friday trading, after the transaction processor said it was extending the early tender deadline for its outstanding notes by an extra week to Dec. 1. The company ia expecting $781.3 million, or about 83.5% of the available notes to be tendered, allowing its subsidiaries to eliminate almost all of the existing covenants and default triggers governing those securities.

United Microelectronics (UMC) declined 2.3% on Friday after the Taiwanese chipmaker and Micron Technology (MU) Thursday said they have agreed to settle a legal fight over the alleged theft of trade secrets in exchange for United making an undisclosed, one-time payment to its US=based rival. Micron Tech shares also were 3.6% lower this afternoon.

STMicroelectronics (STM) dropped 3.9%. The chipmaker and the Institute of Microelectronics in Singapore Friday announced the start of a collaboration project to develop silicon carbide for power-electronics applications in the automotive and industrial markets.

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