With Technology (XLK) down 1.5%, this looks like a sector-led move rather than a company-specific surprise.
The technology sector is trading lower in the pre-market session, caught in a wider market downturn as global equities react to rising long-term bond yields and increased geopolitical risk. U.S. Treasury yields have reached their highest levels since 2007, making equities less attractive and increasing borrowing costs. Adding to investor concerns, the expiration of a U.S.-Iran ceasefire has fueled a rise in oil prices and a general risk-off sentiment across markets.