Technology stocks pared a portion of their earlier declines Tuesday, with the Technology Select Sector SPDR Fund (XLK) falling 1.0% and the Philadelphia Semiconductor Index down by 1.2%.
In company news, InterDigital (IDCC) gained almost 14% after the mobile technologies company Tuesday said it signed a patent license with LG Electronics for a range of LG products such as televisions and personal computers as well as high-efficiency video and versatile video coding. Financial terms were not disclosed.
iQIYI (IQ) sped almost 11% higher after the online entertainment services firm said it closed on a $500 million private placement of 6% secured convertible senior notes to an affiliate of investment firm PAG.
Teledyne Technologies (TDY) was 0.5% higher after the monitoring and instrumentation company announced its purchase of marine navigation equipment firm ChartWorld International for an undisclosed amount.
On the downside, Sidus Space (SIDU) declined 5.5%. The space-as-a-service company was selected by prime contractor Bechtel to make cables for NASA’s Mobile Launcher 2 project. Financial details were not disclosed.
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