01:55 PM EDT, 03/11/2024 (MT Newswires) -- Tech stocks fell Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.4% and the SPDR S&P Semiconductor ETF (XSD) down 0.6%.

The Philadelphia Semiconductor index fell 1.7%.

In corporate news, Nextnav ( NN ) shares soared 30% after the company said it will buy for up to $50 million additional spectrum licenses in the lower 900 MHz band from Telesaurus and the Skybridge Spectrum Foundation.

GDS (GDS) may geta total investment of $500 million to $600 million from alternative asset managers Hillhouse Capital, Boyu Capital and CDH Investments to back GDS's data center business outside China, Bloomberg reported Sunday. GDS shares jumped 22%.

EchoStar ( SATS ) failed to disclose $15 billion in implicitly admitted equity value overstatement in a filing with the US Securities and Exchange Commission, the Buxton Helmsley Group, which holds financial interests in the company, said Monday. EchoStar ( SATS ) shares rose 11%.