Tech stocks were losing ground late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) down 1.3% and the Philadelphia Semiconductor index shedding 0.9%.
In corporate news, Photronics (PLAB) shares fell 7.6% after the company’s fiscal Q3 earnings and revenue trailed estimates by analysts.
China has ordered officials at central government agencies not to use Apple’s (AAPL) iPhones and other foreign-branded devices for work or carry them into the workplace, The Wall Street Journal reported. The tech giant’s shares were down 4.2%.
Roku (ROKU) shares were rising 1.2%. The company said it plans to cut 10% of its workforce to lower costs.
Movella (MVLA) said that it reduced its workforce by about 20% on Aug. 31 due to market conditions. Its shares were gaining 1.7%.
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