01:34 PM EST, 11/13/2025 (MT Newswires) -- Tech stocks declined Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2.8% and the SPDR S&P Semiconductor ETF (XSD) slumping 4.6%.

The Philadelphia Semiconductor index was down 4.2%.

In corporate news, RTX (RTX) shares fell 1.4% after it said in a regulatory filing Thursday that it expects to recognize a one-time, non-cash pension settlement charge of about $300 million in Q4.

Cisco Systems' ( CSCO ) stronger-than-expected AI orders for the fiscal Q1 represented a "real surprise," Morgan Stanley said in a note emailed Thursday as the brokerage sees a potential rerating given the company's growing AI business. Morgan Stanley reiterated its overweight rating on the stock, while raising the price target to $82 from $77. Cisco ( CSCO ) shares rose 3.8%.

Bitdeer Technologies ( BTDR ) shares tumbled nearly 20% after it said Thursday it priced a $400 million private placement of 4% convertible senior notes due 2031.