Technology stocks added to their market-leading losses this afternoon, with the shares of tech stocks in the S&P 500 sinking almost 0.9% while the Philadelphia Semiconductor Index was falling over 0.9%.
Among technology stocks moving on news:
(-) TE Connectivity (TEL) fell over 3% after Cross Research lowered its investment recommendation for the electronic components manufacturer to hold from buy previously.
In other sector news:
(+) Gridsum Holding (GSUM) was 6% higher after the data analytics software firm received a non-binding, $3.80-per-share buyout offer from an investor group led by board chairman Guosheng Qi and Gridsum CEO Guofa Yu. The consortium also includes an affiliate of Hammer Capital Private Investments Ltd and is expecting to fund the transaction using a combination of debt and equity.
(+) Rockwell Automation (ROK) was ahead by 2.4% on Tuesday after saying Swiss biotech company Lonza has selected Rockwell's PharmaSuite Manufacturing Execution System software to digitize its nine former Capsugel facilities producing drug capsules. Lonza will use PharmaSuite software platform, along with FactoryTalk InnovationSuite software to better track product down to the individual capsule carton as well as helping avoid the disruption of required maintenance by enforcing workflows and collecting necessary information.
(-) Arrow Electronics (ARW) declined almost 2% when the components manufacturing company late Monday said it will be taking around $115 million in charges after winding down its personal computer and mobility asset disposition business. Stifel Nicolaus lowered its price target for Arrow shares by $5 to $70 each while BofA-Merrill Lynch cut its price target by $15 to $65 a share. Citigroup also trimmed its price target on the stock by $8 to $68.
Price: 90.44, Change: -3.08, Percent Change: -3.29
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