Tech stocks declined late Tuesday afternoon with the Technology Select Sector SPDR Fund (XLK) decreasing 0.9% and the Philadelphia Semiconductor index falling 2%.
In corporate news, ReAlpha Tech (AIRE) shares slumped 40% after it priced a public offering of 1.6 million units at $5 apiece, for gross proceeds of $8 million.
Alpha Technology (ATGL) said the underwriter fully exercised the over-allotment option in the initial public offering to purchase an additional 262,500 shares at $4 apiece. Its shares tumbled 24%.
Symbotic (SYM) jumped 39% after the company reported a fiscal Q4 loss of $0.08 per diluted share, narrowing from a loss of $0.10 a year earlier. Analysts polled by Capital IQ expected a loss of $0.13.
Microsoft’s (MSFT) expected next move is “to have a board seat and take more control from a governance perspective” in OpenAI if that company’s board resigns and Sam Altman and Greg Brockman go back to OpenAI, Wedbush Securities said Tuesday in a note. Microsoft shares fell 1.3%.
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