Technology stocks were declining Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2% and the Philadelphia Semiconductor Index sliding 1.9%.
In company news, American Superconductor (AMSC) was falling 3.5% after the specialty chipmaker said it received an order to provide a high-temperature superconductor-based ship protection system for Huntington Ingalls’ (HII) shipbuilding unit.
KVH Industries (KVHI) dropped 6.6% after the networking equipment company reported Q3 revenue of $35.2 million during the three months ended Sept. 30 compared with $34.4 million in revenue last year but still trailing the Capital IQ consensus looking for $37.4 million.
GitLab (GTLB) added 6.7%, a day after the software development company reported a non-GAAP Q3 net loss of $0.10 per share, improving on a $0.34-per-share loss during the same quarter last year and beating the Capital IQ consensus looking for a $0.15-per-share adjusted loss. Revenue for the three months ended Oct. 31 of $113 million also exceeded Wall Street forecasts and the company raised its fiscal 2023 outlook above analyst estimates.
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