03:56 PM EDT, 09/05/2024 (MT Newswires) -- Tech stocks dropped late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.4% and the SPDR S&P Semiconductor ETF (XSD) shedding 1%.

The Philadelphia Semiconductor index fell 0.1%.

In corporate news, Couchbase ( BASE ) shares tumbled 16%. The company's fiscal Q2 revenue and earnings were in line with expectations, while Q3 and fiscal 2025 guidance was softer due to increased churn and downsells, Oppenheimer said in a report.

EchoStar's ( SATS ) Dish Network plans to hold talks with lenders who filed a lawsuit seeking to undo a series of collateral transfers the company made this year, Bloomberg reported Thursday. EchoStar ( SATS ) shares surged 21%.

A group of private equity firms that includes Vista Equity Partners and Blackstone (BX) is in talks to buy Smartsheet ( SMAR ) , Reuters reported. Smartsheet ( SMAR ) shares jumped 4%.

Nvidia's ( NVDA ) fundamental and regulatory near-term headwinds may end up creating an attractive opportunity to buy the stock, BofA Securities said in a note. Nvidia ( NVDA ) shares rose 0.6%.