Technology stocks continued to fall Thursday, with the Technology Select Sector SPDR Fund (XLK) declining 3.7% and the Philadelphia Semiconductor Index finishing 4.2% lower this afternoon.
In company news, Roblox (RBLX) fell more than 16% after the 3-D entertainment development platform reported a month-over-month decline in estimated bookings during November, generating between $222 million to $225 million last month compared with its $231 million to $235 million in October estimated bookings.
Ericsson (ERIC) fell 6.4% after the networking equipment firm said its Russian subsidiary is selling its local customer support business to a Russian company owned by the unit’s former operational managers. Separately, the company confirmed its long-term target of earnings before interest, taxes, and amortization margin of 15% to 18% and said it expects to reach the lower end by 2024.
Agora (API) declined 3.1%, giving back an early 6% advance, after the real-time engagement platform-as-a-service company Thursday disclosed plans to sell its Easemob customer engagement cloud business segment to TI Cloud for about $14.6 million in cash, subject to selected closing adjustments. The deal is expected to close in Q1 2023.
Agilysys (AGYS) rose almost 14% after the hardware and software firm said it will install its property management software in Marriott International’s (MAR) luxury, premium, and select service hotels in the US and Canada. Financial terms were not disclosed.
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