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Sector Update: Tech Stocks Weighing on Broader Thursday Markets

MT Newswires ·  09/23/2022 01:46

01:45 PM EDT, 09/22/2022 (MT Newswires) -- Technology stocks were declining on Thursday, with the SPDR Technology Select Sector ETF (XLK) slipping 0.9% and the Philadelphia Semiconductor Index retreating 2.6% this afternoon.

In company news, Luminar Technologies (LAZR) fell more than 19% after a Northland Capital downgrade of the laser imaging and sensors company to market perform from outperform coupled with a $3 reduction in its price target for Luminar shares to $10.

Inpixon (INPX) declined 3.6% after the company announced plans to trim about 20% of its current jobs in addition to other cost-savings initiatives, citing "global economic uncertainties."

Loop Media (LPTV) rose 105% after pricing a $12 million public offering of 2.4 million common shares at $5 each. The company also began trading Thursday on the NYSE American stock exchange, shifting from the OTC Pink Open Market previously.

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