Technology stocks were ending near this intra-day lows on Monday, with the SPDR Technology Select Sector ETF (XLK) sinking 2.3% and the Philadelphia Semiconductor Index sliding 2.8% this afternoon.
In company news, Apple (AAPL) was sinking 2.6% amid ongoing anti-lockdown protests outside a Foxconn assembly facility in China and a Bloomberg report citing a person familiar with the matter that COVID-19 mandates could slow the production of 6 million iPhone14 Pro units this year. Apple shares also could be under pressure Monday after Twitter CEO Elon Musk Monday asserted the tech giant “has mostly stopped advertising” on the social media platform, rhetorically asking whether “Apple hate(s) free speech in America?”
Viasat (VSAT) declined 5% on Monday. The satellite-services company said its Americas-focused ViaSat-3 satellite has completed a test of its payload and bus systems and has proceeded to the Flight Final stage of integration. The ViaSat-3 satellite will serve Europe, Africa and the Middle East.
GitLab (GTLB) fell 1.2% after RBC Capital Markets cut its price target for the software-development platform company by $20 to $55, citing macro-economic headwinds, although the broker also reiterated its outperform rating for Gitlab.
To the upside, Taboola.com (TBLA) raced nearly 46% higher after the algorithmic search-engine company announced a 30-year commercial agreement with Apollo Global Management’s majority-owned Yahoo internet platform, with Taboola exclusively running native advertising across all of Yahoo’s digital properties.
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