Tech stocks were mixed in Thursday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) rising 0.8% and the SPDR S&P Semiconductor ETF (XSD) falling nearly 1%.

The Philadelphia Semiconductor index dropped nearly 1%.

In corporate news, Micron Technology (MU) shares sank past 17%. The company late Wednesday swung to a bigger-than-expected profit for its fiscal Q1, but it flagged weakness in its consumer-oriented markets that will likely impact its Q2 outlook.

Activist investor Irenic Capital Management has built a stake in KBR (KBR) and plans to urge the company to separate its business that serves the private sector, The Wall Street Journal reported. KBR shares jumped nearly 5%.

Palantir (PLTR) is positioned for continued growth, driven by strong fundamentals and increasing interest in its artificial intelligence-data platforms, UBS Securities said Wednesday. UBS started coverage of the company with a neutral rating and an $80 price target. Palantir shares were up past 5%.