Technology stocks continued to lose ground during Thursday trading, with the Technology Select Sector SPDR Fund (XLK) and the Philadelphia Semiconductor Index both down 2% this afternoon.
In company news, Salesforce (CRM) dropped 2.4% after the enterprise software firm disclosed plans to trim around 10% of its workforce in coming weeks, with board chair and co-CEO Marc Benioff explaining in an employee letter it hired “too many people” for current economic conditions. Departing employees will receive at least five months of pay plus health insurance and other benefits, the company said.
Tetra Tech (TTEK) tumbled 6.5% after the cybersecurity company announced its purchase of privately held rival Amyx for an undisclosed sum, with the acquired company becoming part of Tetra Tech’s government services group.
AppLovin (APP) declined almost 10% after Benchmark began coverage of the mobile applications development platform with a sell rating and a $7 price target.
To the upside, Phunware (PHUN) gained 6.8% after the software firm announced plans to buy back up to $5 million of its common shares over the next 12 months.
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