Sector Update: Tech Stocks Sliding as Chipmakers Lose More Ground

Monday, May 3, 2021 1:11 PM | MT Newswires

Technology stocks were declining, with the SPDR Technology Select Sector ETF Monday off 0.4% and the Philadelphia Semiconductor Index dropping 1.5% this afternoon.

In company news, Virgin Galactic Holdings (SPCE) fell 8.1% after the aerospace and space travel company late Friday said it was rescheduling the release of its Q1 financial results to May 10. The US Securities and Exchange Commission recently issued guidance on the accounting of warrants issued by special purpose acquisition companies.

Dell Technologies (DELL) declined fractionally after announcing the sale of Boomi, its cloud-based integration-platform-as-a-service provider, to private-equity investors Francisco Partners and TPG Capital for $4 billion in cash.

Verra Mobility (VRRM) rose 7.2% after Monday saying it received authorization to proceed with an order for another 720 school-zone speed cameras in New York City, adding to its 1,020 speed safety cameras already in use across New York City.

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