Technology sector

Tech Sector Update 02/02/2022: GIB,GIB-A.TO,AMD,GOOG,GOOGL,GILT,DT

JTech stocks resumed their lead from Wednesday afternoon, buoyed by Google parent Alphabet (GOOG, GOOGL), fourth-quarter earnings and revenue slump overnight and the internet conglomerate also announced plans for a 20-to-1 stock split this summer.

At last look, the SPDR Technology Select Sector ETF (XLK) was up 0.8% while the Philadelphia Semiconductor Index was up 2.4% this afternoon.

In corporate news, CGI (GIB) climbed 2.8% after reporting fiscal first-quarter net profit and revenue topping consensus calls and the Canadian IT services company also renewed its buyout program. shares for another year. Excluding one-time items, CGI earned CA$1.50 ($1.18) per share in its December quarter, compared to CA$1.33 per share in the year-ago period, while revenue increased 3.2% to C$3.09 billion. Wall Street expected CA$1.43 per share and CA$3.12 billion, respectively.

Gilat Satellite Networks (GILT) rose 2.9% after announcing the launch of its next-generation SkyEdge IV terrestrial communications satellite system.

Advanced Micro Devices (AMD) rose 5.2% after beating Wall Street expectations and comparisons a year ago with its fourth quarter results and the chipmaker forecasting sales for the first quarter and the fiscal year 22 also exceeding analysts’ estimates.

Among decliners, Dynatrace (DT) lost nearly 19% after the multi-cloud software company released a revised FY22 revenue forecast that lagged Wall Street expectations. It expects revenue for the 12 months ending March to rise from $922 million to $924 million, up from its previous forecast of $913 million to $919 million, but still below consensus. of Capital IQ which expects $925.7 million in revenue for FY22.

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