Tech stocks were lower on Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.3% and the Philadelphia Semiconductor index falling 1%.
In company news, Microsoft (MSFT) and Activision Blizzard (ATVI) won a favorable merger ruling after a federal judge denied the US Federal Trade Commission’s injunction request to stop the software giant from completing the acquisition of the electronic-gaming company. Activision shares were up almost 11% and Microsoft was little changed.
Broadcom’s (AVGO) $69 billion takeover of VMware (VMW) is expected to be cleared by the European regulators, the Financial Times reported. VMware was up 6% and Broadcom was almost flat.
Matterport (MTTR) was up 6.7% after the company said it plans to cut about 170 roles, or 30% of its workforce, as part of a restructuring plan to lower operating costs.
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