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Technology Sector Update for 01/03/2023: SIDU, TDY, IQ

Technology stocks were declining on Tuesday, with the Technology Select Sector SPDR Fund (XLK) falling 1.3% and the Philadelphia Semiconductor Index down 1.1% this afternoon.

In company news, Sidus Space (SIDU) declined 7.3%. The space-as-a-service company was selected by prime contractor Bechtel to make cables for NASA’s Mobile Launcher 2 project. Financial details were not disclosed.

Teledyne Technologies (TDY) was 0.2% lower after the monitoring and instrumentation company announced its purchase of marine navigation equipment manufacturer ChartWorld International. Financial terms of the transaction were not disclosed.

iQIYI (IQ) sped more than 11% higher after the online entertainment services firm said it closed on a $500 million private placement of 6% secured convertible senior notes to an affiliate of investment firm PAG.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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