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Sector Update: Tech Stocks Sinking Monday, Led Lower by Chipmakers

05/10/2021 09:12

01:10 PM EDT, 05/10/2021 (MT Newswires) -- Technology stocks were falling hard, with the SPDR Technology Select Sector ETF Monday dropping 1.3% while the Philadelphia Semiconductor Index was down 3% Monday afternoon.

In company news, SciPlay (SCPL) dropped almost 11% after the social gaming company reported Q1 net income of $0.21 per share, up from $0.19 per share during the same quarter last year but still trailing the Capital IQ consensus by $0.03 per share.

LIVK (LIVK) was fractionally lower this afternoon, drifting off a 4.3% gain earlier Monday that followed the blank-check company announcing plans to merge with privately held software developer AgileThought and trading under the AGIL ticker symbol once the deal closes.

Magic Software Enterprises (MGIC) rose fractionally after Monday reporting improved non-GAAP Q1 net income and revenue and also raising its FY21 revenue forecast by $5 million on both sides of its prior guidance to a new range of $425 million to $435 million. Analysts, on average, are expecting $422.6 million in 2021 sales.