01:50 PM EDT, 04/25/2024 (MT Newswires) -- Tech stocks were mixed Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.7% and the SPDR S&P Semiconductor ETF (XSD) adding 1.7%.

The Philadelphia Semiconductor index rose 1.7%.

In corporate news, Meta Platforms ( META ) late Wednesday reported Q1 earnings and revenue that topped estimates by analysts while raising its spending guidance in 2024. The shares dropped about 11%.

International Business Machines ( IBM ) agreed to buy HashiCorp ( HCP ) in a deal with an enterprise value of $6.4 billion. The company also reported Q1 revenue that fell short of market expectations. IBM ( IBM ) shares tumbled almost 8%.

Micron Technology ( MU ) shares added 0.8% after it signed a non-binding preliminary memorandum of terms with the US government for a $6.1 billion funding to support the construction of memory chip manufacturing facilities in Idaho and New York.