Technology stocks continued to fall Friday, with the Technology Select Sector SPDR Fund (XLK) declining 1.4% and the Philadelphia Semiconductor Index 1.3% lower in late trading.
In company news, Maxar Technologies (MAXR) shares soared 123% after it said it agreed to be acquired by Advent International for $6.4 billion in cash.
Avaya Holdings (AVYA) shares plunged 61% after The Wall Street Journal cited unspecified sources as saying that the company is close to filing for bankruptcy in order to restructure its balance sheet. The company on Dec. 13 said it had disclosed ongoing talks with certain financial shareholders “regarding a comprehensive resolution to strengthen [its] balance sheet and position the business for long-term success.”
TuSimple (TSP) shares slid 3.4% after it named Eric Tapia as chief financial officer.
Palantir Technologies (PLTR) shares fell 1.4% after it entered into a multi-year partnership with Integrity Mold & Tool to deploy its Foundry operating system across Integrity Mold’s business functions to assist its growth.
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