03:54 PM EDT, 06/06/2024 (MT Newswires) -- Tech stocks fell late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.3% and the SPDR S&P Semiconductor ETF (XSD) shedding 0.8%.

The Philadelphia Semiconductor index dropped 0.9%.

In corporate news, Core Scientific ( CORZ ) shares jumped over 12% after the company rejected CoreWeave's proposal to buy all of its outstanding shares for $5.75 a share in cash. The offer significantly undervalues the company and is not in the best interests of shareholders, Core Scientific ( CORZ ) said.

Sprinklr ( CXM ) shares tumbled 15% after it lowered its revenue outlook amid better-than-expected Q1 performance. Barclays cut the company's price target to $11 from $17 while maintaining its overweight rating.

Rubrik ( RBRK ) shares popped 7% after BMO Capital upgraded the company's stock to outperform from market perform, with a price target of $40.

Ciena's (CIEN) fiscal Q2 results fell less than the market expected while the company said bandwidth demand remains durable in a challenging near-term environment. Ciena shares added 1%.