Tech stocks were higher late Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) edging up 0.1% and the Philadelphia Semiconductor index gaining 0.9%.
In company news, Meta Platforms (META) reportedly plans to raise $8.5 billion in a second bond sale in a five-part deal to help finance capital expenditures, share repurchases and acquisitions, Bloomberg reported. Meta shares were up 1.1%.
Lordstown Motors (RIDE) plunged 23% after the company warned about its ability to continue as a going concern and said that it might not have enough funding for its operations amid allegations from Foxconn that it breached their $170 million investment agreement.
GoDaddy (GDDY) was rising 0.3% after the company signed a partnership deal with Microsoft (MSFT) to help small businesses accept payments during live Microsoft Teams meetings.
Chip designer Arm, a unit of Tokyo-listed SoftBank, has confidentially registered for an initial public offering in the US. The size and price range for the proposed offering have yet to be determined, SoftBank said Monday.
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