Technology sector

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

JTech stocks continued to lose ground on Tuesday, with the SPDR Technology Select Sector ETF (XLK) down 2.3% and the Philadelphia Semiconductor Index down 4.4% this afternoon.

In company news, Gogoro (GGR) slumped in its public markets debut, falling more than 12%, a day after the battery and vehicle trading platform provider completed its merger with blank check company Poema Global. Shares of Gogoro opened at $15.99 each and quickly rose to a first-day high of $17.99 only to turn south, dropping as much as 18% to hit an intraday low of $13.11 per month. action.

Cognyte Software (CGNT) fell more than 31% after the security analytics company reported non-GAAP net income of $0.16 per share for its fourth quarter ended Jan. 31, cutting more than half its earnings of $0.36 in the same quarter last year and lagging Capital IQ consensus by $0.06 per share. Revenue rose slightly to $125 million, missing the street view of $126.9 million.

FTI Consulting (FCN) rose 1.4% after announcing a strategic alliance with SentinelOne (S), the cybersecurity company set to accelerate FTI’s response to and investigations of cyberattacks. SentinelOne shares ended down 7.9% this afternoon.

VerifyMe (VRME) climbed 2.1% on Tuesday after securing a deal to offer brand protection and consumer engagement services to an unspecified sports memorabilia company.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.