03:42 PM EST, 11/27/2024 (MT Newswires) -- Tech stocks fell late Wednesday afternoon, with the Technology Select Sector SPDR Fund (XLK) declining 1.5% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.2%.

The Philadelphia Semiconductor index slumped 1.7%.

In corporate news, Symbotic ( SYM ) shares plunged 38% after the company submitted a notification of late filing for its annual report for the fiscal year ending Sept. 28, saying additional time was needed to correct an error related to revenue recognition and the impact of that error on financial reporting.

Zoom Video Communications (ZM) made an $18 million offer to the US Securities and Exchange Commission to settle a probe looking into security, data protection and privacy matters, the company said in a regulatory filing. Its shares popped 2.6%.

Dell (DELL) shares tumbled 12% after the company reported late Tuesday fiscal Q3 revenue that missed market expectations and its fiscal Q4 guidance disappointed investors.

HP (HPQ) shares sank 11% after its fiscal Q1 non-GAAP diluted earnings outlook fell short of market expectations.