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Technology Sector Update for 03/20/2023: AMZN,FLT,WIMI

Technology stocks were slipping Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) marginally lower although the Philadelphia Semiconductor Index was gaining 0.5%.

In company news, (AMZN) fell 2.2% after the e-commerce company said it is laying off another 9,000 employees, with CEO Andy Jassy stating in a post that most of the new round of layoffs will affect its Amazon Web Services, human resources, advertising and the Twitch livestreaming service groups.

FleetCor Technologies (FLT) was up 6.1% after the business-spending software company said it will add the former CEO of front- and back-office technology company RevSpring to its board and name another mutually agreed board member as part of a new cooperation accord with activist investors DE Shaw that also includes a strategic review.

WiMi Hologram Cloud (WIMI) rose over 14% after the Chinese augmented reality and holographic products company said it is developing an eye-tracking data visualization system for use in fields like intelligent driving and medical image analysis to improve work efficiency.

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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