Technology stocks eased slightly from their Thursday peaks, with the Technology Select Sector SPDR Fund (XLK) rising 2.2% and the Philadelphia Semiconductor Index ahead 1.4% this afternoon.
In company news, Desktop Metal (DM) rose almost 19% after the additive technologies company disclosed a plan to trim its workforce by around 15% as part of a broader cost-reduction program. The company also will consolidate several facilities in the US and Canada into four hubs in Massachusetts, Pennsylvania, Texas, and the Midwest.
Meta Platforms (META) surged 23% after the social network company late Wednesday reported Q4 revenue that topped estimates by analysts. Meta also lowered its 2023 expense forecast amid plans to flatten its organization structure and authorized a $40 billion increase to its stock buyback program.
Luminar Technologies (LAZR) added 7.8% after the vehicle sensors company Thursday said it was expanding its partnership with Polestar (PSNY) to include more vehicles. Polestar shares were advancing 9.5%.
Macom Technology Solutions Holdings (MTSI) slid 3%. The company said it agreed to buy French semiconductor manufacturer OMMIC SAS for around 38.5 million euros ($42.3 million).
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