03:54 PM EST, 01/16/2025 (MT Newswires) -- Tech stocks were edging down late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) each down about 0.3%.

The Philadelphia Semiconductor index rose 1%.

In corporate news, Red Cat ( RCAT ) shares fell 7% after short-seller Kerrisdale Capital said that expectations for the size of a contract to make the US Army's short-range reconnaissance drone as well as follow-on sales "bear almost no relationship to reality."

Block (SQ) has been ordered to refund up to $120 million to certain customers and pay a $55 million fine for its allegedly inadequate security measures against fraud, the Consumer Financial Protection Bureau said. Block shares rose 2.2%.

Symbotic ( SYM ) shares jumped 19% after the firm agreed to acquire Walmart's (WMT) advanced systems and robotics business for $200 million in cash at closing.

Taiwan Semiconductor Manufacturing ( TSM ) shares popped over 4% after the chipmaker recorded sharp gains in its Q4 results and issued an upbeat revenue outlook for the ongoing period.