03:51 PM EDT, 08/14/2025 (MT Newswires) -- Tech stocks declined late Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) down 0.3% and the SPDR S&P Semiconductor ETF (XSD) falling 1%.

The Philadelphia Semiconductor index eased 0.2%.

In corporate news, Ibotta ( IBTA ) shares tumbled 30%. BofA Securities downgraded the stock to underperform from neutral and slashed its price target to $24 from $57, a day after the firm issued Q3 revenue guidance that trailed Wall Street estimates.

Coherent (COHR) is faced with a decelerating growth in its core datacenter segment amid stronger AI capex spending, BofA Securities said in a note Thursday. BofA downgraded the stock to neutral from buy while raising its price target to $105 from $92, citing a rise in sector multiples. Coherent shares dropped 20%.

Trade Desk ( TTD ) shares fell past 7% after The Information reported that Walmart (WMT) has renegotiated its arrangement with the company so that advertisers buying spots on the web using Walmart shopper data no longer have to exclusively use Trade Desk's ( TTD ) technology.

Microsoft ( MSFT ) is planning to announce a mandatory return-to-office policy of three days a week at its headquarters in Redmond, Washington, The Verge reported. Microsoft ( MSFT ) rose 0.3%.