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Sector Update: Tech Stocks Pare Earlier Slide As Chipmakers Climb Back to Nearly Even

05/11/2021 12:07

03:58 PM EDT, 05/11/2021 (MT Newswires) -- Technology stocks steadied this afternoon following steep declines earlier Tuesday, with the SPDR Technology Select Sector ETF slipping 0.5% in late trade while the Philadelphia Semiconductor Index was falling 0.1%.

In company news, Alfi (ALF) slid 8% after the software as a service company said underwriters for its May 6 initial public offering exercised their overallotment option by buying 559,701 common shares at $4.15 each, boosting gross proceeds for the deal by $2.3 million to a total of $17.8 million. The underwriters also received warrants to purchase an additional 559,701 shares.

Among gainers, Virgin Galactic (SPCE) turned narrowly higher this afternoon, recovering from a 20% morning decline that followed the aerospace company reporting a Q1 loss of $0.55 per share, improving on a $1.86 per share loss during the same quarter in 2020 but missing the Capital IQ consensus expecting a $0.28 per share net loss.

Everbridge (EVBG) climbed 7.3% after the software firm reported non-GAAP Q1 net income of $0.18 per share on $82.2 million in revenue compared with the Capital IQ consensus expecting an $0.11 per share net loss on $75.6 million in revenue.

3D Systems (DDD) rose almost 35% after the 3-D printer company late Monday reported non-GAAP Q1 net income of $0.17 per share, reversing a $0.04 per share loss during the year-ago quarter, while revenue grew 7.7% to $146.1 million. Analysts, on average, had been expecting a $0.02 per share adjusted profit on $136.6 million in revenue.