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Sector Update: Tech Stocks Decline Tuesday Before the Open

05/11/2021 05:14

09:09 AM EDT, 05/11/2021 (MT Newswires) -- Technology stocks were declining before the opening bell on Tuesday. The Technology Select Sector SPDR ETF (XLK) was down more than 2% and the Semiconductor Sector Index Fund (SOXX) was nearly 3% lower recently.

In company news, 3D Systems (DDD) was 9% higher after it swung to non-GAAP earnings of $0.17 per share from a loss of $0.04 per share a year ago. It also reported revenue of $146.1 million, up from $135.6 million a year earlier.

Palantir Technologies (PLTR) was down by almost 10% after it posted Q1 adjusted earnings of $0.04 per share, reversing last year's adjusted loss of $0.01 per share. The software company also generated revenue of $341.2 million, up from $229.3 million a year ago.

Repay Holdings (RPAY) was up by 0.53% after it reported better-than-expected Q1 results. The company also increased its full-year outlook and struck a deal to acquire omni-channel payments provider BillingTree for approximately $503 million.