Technology sector

Tech Sector Update 05/04/2022: CGNT,FCN,S,VRME

JTech stocks were down on Tuesday, with the SPDR Technology Select Sector ETF (XLK) down 1.5% while the Philadelphia semiconductor index fell 3.7% this afternoon.

In corporate news, Cognyte Software (CGNT) fell more than 29% after the security analytics company reported non-GAAP net income of $0.16 per share for its fourth quarter ended. on January 31, more than halving its profit of $0.36 in the same quarter last year and behind the Capital IQ consensus of $0.06 per share. Revenue rose slightly to $125 million, missing the street view of $126.9 million.

FTI Consulting (FCN) rose 1.6% after announcing a strategic alliance with SentinelOne (S), the cybersecurity company set to accelerate FTI’s response to and investigations of cyberattacks. Financial details of the new partnership were not disclosed. SentinelOne shares were down 7.4% this afternoon.

VerifyMe (VRME) climbed 1.9% after saying on Tuesday it would provide brand protection and consumer engagement services to an unspecified sports memorabilia company. Financial terms were also not disclosed.

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