Technology stocks were lower Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.1%. The Philadelphia Semiconductor Index was declining 1.5% and the iShares Semiconductor ETF (SOXX) was off 1.3%.
In company news, Dell Technologies (DELL) shares were falling more than 3% after the company reported in a regulatory filing that it will reduce its workforce by 5% as part of a planned reorganization.
ON Semiconductor (ON) stock was 1.5% higher after the company reported Q4 adjusted earnings of $1.32 per diluted share, up from $1.09 a year ago. Analysts polled by Capital IQ expected $1.26.
United Microelectronics’ (UMC) shares were down more than 3% after it reported January sales of NT$19.59 billion ($653.2 million), down 4.3% from a year earlier.
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