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Sector Update: Technology Stocks Tumble as Questions Emerge For Recent Growth Sectors

05/10/2021 12:00

03:55 PM EDT, 05/10/2021 (MT Newswires) -- Technology stocks fell hard Monday amid worries a potential increase in inflation could undermine growth sectors. At last look, the SPDR Technology Select Sector ETF was dropping 2.2% while the Philadelphia Semiconductor Index was falling 4.2%.

In company news, Stratasys (SSYS) slid 6.4% after Berenberg Bank lowered its price target for the 3-D printer company by $1 to $30 a share and reiterating its buy rating.

SciPlay (SCPL) dropped almost 14% 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.

Among gainers, Magic Software Enterprises (MGIC) rose nearly 1% after 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 FY21 sales.