Technology Sector Update for 12/20/2023: PL, GOOG, NOK, JKS

Tech stocks were lower late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 1.2% and the SPDR S&P Semiconductor ETF (XSD) dropping 2.6%.

The Philadelphia Semiconductor Index fell 2.5%.

In corporate news, Planet Labs' (PL) revenue focus is "shifting" toward government customers amid "federal budget uncertainty," Morgan Stanley said in a note. The investment firm kept the equal-weight rating on the company, but cut the price target to $3.50 from $5.50. Planet Labs shares tumbled 5.2%.

Alphabet's (GOOG) Google was fined 4.6 billion rubles ($50.8 million) by Moscow's Tagansky court for failing to delete a series of videos on YouTube on the conflict in Ukraine and "information prohibited in Russia," the Russian state TASS news agency reported Wednesday. Alphabet shares rose 1.3%.

Nokia (NOK) shares were down 1.5% after Lumine said Wednesday it has signed a definitive agreement to buy Nokia's Device Management and Service Management Platform businesses for 185 million euros ($270.3 million).

JinkoSolar (JKS) was shedding 3.2% after it said Wednesday its board approved an 18-month extension for its $200 million buyback program through June 30, 2025.

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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