Last Price$367.78NASDAQ Previous Close - Last Trade as of 4:00PM ET 5/20/22
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Sector Update: Tech Stocks Sagging Tuesday, Led Lower by Chipmakers

1:44PM ET 11/30/2021 MT Newswires
Technology stocks were dropping Tuesday afternoon, with the Technology Select Sector SPDR ETF (XLK) down 1.3% while the Philadelphia Semiconductor Index slumoed 2.3%.

In company news, Array Technologies (ARRY) shares slid almost 17% after the solar-energy equipment company overnight announced plans for a $325 million private placement of convertible senior notes due 2028. Net proceeds will be used to pay the $396 million cash portion of Array's proposed acquisition of Spanish rival Soluciones Tecnicas Integrales Norland.

Intuit (INTU) dropped 5% after a $1.04 billion secondary offering of 1.55 million shares from selling shareholders priced at $668.95 per share, about 3.7% under Monday's close.

Hewlett Packard Enterprise (HPE) was 2.9% lower. The company said Tuesday it is building a new HPE Cray EX supercomputer for Thailand's National Science and Technology Development Agency for installation next year.