Sector update: Tech stocks lag in broader Tuesday markets

Tech stocks helped push down broad Tuesday markets as rising Treasury yields push investors away from the dividend-rich sector. At last glance, the SPDR Technology Select Sector (XLK) ETF was slipping 1.9%, while the Philadelphia Semiconductor index was down 2.5% this afternoon.

In company news, TD Synnex (SNX) slipped 7.7% after the enterprise electronics and software company forecast adjusted profit for its fiscal fourth quarter ending November 30 on Tuesday in a range of $ 2.50 to $ 2.80 per share compared to the estimate of the only analyst expecting a non-GAAP fourth quarter net income of $ 2.85 per share.

Remark Holdings (MARK) fell 8.1% after the enterprise software company announced plans for a $ 5 million private placement with a single institutional investor of 4.2 million common shares in the price of $ 1.18 each, corresponding to the closing share price on Monday. The investor also received 5-year warrants to purchase up to 4.2 million additional shares exercisable at $ 1.35 per share.

Among the winners, Gogo (GOGO) grew more than 28% after the in-flight internet connectivity company raised its long-term financial growth targets, now projecting an increase in non-GAAP EBITDA margin in 2025 to 45% from 40% this year and an increase in free cash flow to $ 200 million by 2025 from $ 125 million expected for 2023.

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