Tech stocks were mixed on Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 0.3% and the Philadelphia Semiconductor index falling 1.4%.
In company news, EPAM Systems (EPAM) shares slumped almost 20% after it lowered its Q2 and full-year outlook amid “further deterioration in the near-term demand environment.”
Spotify Technology (SPOT) said it plans to lay off 200 people, or 2% of its global workforce, impacting the global podcast business and other functions as part of “a strategic realignment.” Spotify shares were up 2.4%.
Raytheon Technologies (RTX) is in advanced talks with French aerospace company Safran to sell its actuation unit that makes products like flight controls, Bloomberg reported. The report said a deal would value the Raytheon unit at about $1 billion. Raytheon shares were up 0.3%.
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