01:48 PM EST, 12/12/2024 (MT Newswires) -- Tech stocks were lower Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.4% and the SPDR S&P Semiconductor ETF (XSD) shedding 0.8%.

The Philadelphia Semiconductor index fell 1%.

In corporate news, Adobe (ADBE) shares tumbled past 13% after the company issued a fiscal Q1 revenue outlook and fiscal 2025 guidance that missed market expectations.

Ciena's (CIEN) fiscal Q4 earnings fell year over year and missed Wall Street expectations, while revenue topped market estimates. The shares of Ciena surged 16%.

Virgin Galactic ( SPCE ) is exploring space tourism flights from Italy's Grottaglie Spaceport in the Puglia region, Bloomberg reported. Virgin Galactic ( SPCE ) shares were shedding 1.3%.