Tech stocks were higher Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) advancing 0.4% and the Philadelphia Semiconductor index almost 1% higher.
In company news, Meta Platforms (META) aims to raise about $7 billion from its second corporate bond issuance, Bloomberg reported, citing a source with knowledge of the details. Meta shares were up 1%.
Lordstown Motors (RIDE) plunged 48% after the companyt 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.
Chip designer Arm, a unit of 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, Tokyo-listed SoftBank said on Monday.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Image and article originally from www.nasdaq.com. Read the original article here.