Universal Electronics Inc - Paul D. Arling To Step Down As Chairman On May 1, 2025 - Sec Filing

Tech stocks declined late Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) each shedding 0.4%.

The Philadelphia Semiconductor index dropped 1.1%.

In corporate news, MicroAlgo M shares fell 22% after the company said it would issue new shares at $0.80 apiece to repay debt.

Oracle and US investors in TikTok parent ByteDance are working on a deal to assure President Donald Trump that the app operates independently of Chinese control, the Financial Times reported. Oracle shares rose 0.3%.

Boeing has won a multibillion-dollar contract to design and build a fighter jet for the US Air Force, beating Lockheed Martin , according to media reports. Lockheed shares fell past 5%, while Boeing climbed 3.5%.

Universal Electronics shares shed 2.9% after the company said Chief Executive Paul Arling will retire on April 30.

Tech stocks fell Friday afternoon, with the Technology Select Sector SPDR Fund (XLK) and the SPDR S&P Semiconductor ETF (XSD) both down about 0.4% each.

The Philadelphia Semiconductor index fell 1.2%.

In sector news, the US Federal Communications Commission is probing multiple Chinese telecom companies, including Huawei and China Telecom, for allegedly avoiding restrictions on operations in the US, the Financial Times reported, citing FCC chair Brendan Carr.

In corporate news, Oracle and US investors in TikTok parent ByteDance are working on a deal to assure President Donald Trump that the app operates independently of Chinese control, the Financial Times reported. Oracle shares rose 0.3%.

Boeing has won a multibillion-dollar contract to design and build a fighter jet for the US Air Force, beating Lockheed Martin (LMT), according to media reports Friday. Lockheed shares fell past 6%, while Boeing gained 5.7%.

Universal Electronics shares shed 2.3% after the company said Chief Executive Paul Arling will retire on April 30.

Universal Electronics said Friday that Chief Executive Officer Paul Arling will retire on April 30.

The company said Arling will continue to serve as a consultant until June 30 and remain on the board until his term ends at the 2025 annual shareholder meeting.

Universal Electronics said it is conducting an executive search and interviewing internal and external candidates for Arling's successor.