Technology sector

Tech Sector Update 06/30/2022: SGH,U,ESLT,ORCL

JTech stocks fell on Thursday, with the SPDR Technology Select Sector ETF (XLK) down 1.2% and the Philadelphia Semiconductor Index down 0.9% this afternoon.

In corporate news, Smart Global Holdings (SGH) fell nearly 20% after the computer memory company announced late Wednesday its purchase of Stratus Technologies for $225 million in cash at closing and up. $50 million in top-up payments based on the data center applications company’s financial results. performance in the first year following the conclusion of the agreement. The proposed acquisition eclipsed Smart Global, which also reported third-quarter adjusted earnings and revenue beating Wall Street expectations.

Unity Software (U) fell 7.1% after KeyBanc launched coverage of the 3D content platform company with a sector-weighted equity rating on Thursday.

Oracle (ORCL) returned to positive ground this afternoon, up nearly 1%, after announcing on Thursday that it would open the first Oracle Cloud Infrastructure region in Mexico later this summer, with plans to open additional cloud regions in Spain, Colombia, Chile, and Israel. Later this year.

Elbit Systems (ESLT) rose 4.5% after the Israeli aerospace company announced a new four-year contract valued at around $548 million to provide networked combat capabilities to a country’s armed forces. Asia Pacific. Elbit also said on Thursday it had completed the $84 million sale of its 85% stake in Ashot Ashkelon Industries to private equity investors FIMI Opportunity Funds.

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