Technology sector

Tech Sector Update 08/03/2022: RXT,DM,SABR,MTTR

JTech stocks retreated after their midday rally, with the SPDR Technology Select Sector ETF (XLK) up 0.6% in late trading and the Philadelphia Semiconductor Index up 3.4% on Tuesday afternoon.

In company news, Rackspace Technology (RXT) climbed 2.1% after the cloud technology services company said on Tuesday that it was working with private company Delta Thermal to prevent electrical equipment failures. and power grid outages. As part of this partnership, Rackspace provided prototypes of two sensing devices and created new algorithms for sensors detecting temperature anomalies and another for sensors used to forecast and predict failures. Financial terms were not disclosed.

Matterport (MTTR) added 3.1% after the spatial data company on Tuesday announced new distribution partnerships with Guandalini Posicionamento and PARS, which will sell Matterport’s 3-D software to customers in architecture, engineering and engineering. engineering and construction in Brazil. Financial terms were not disclosed.

Saber (SABR) rose 7.4% after it said on Tuesday that CEO Sean Menke would also become its chairman of the travel software company’s board on April 28, succeeding Karl Peterson, who will remain a director on the board. Saber Board of Directors. The company has also selected current board member Gregg Saretsky to be its lead independent director.

Desktop Metal (DM) jumped nearly 12% after the 3D printer company forecast about $260 million in fiscal 22 revenue, up 131% from year-ago levels and beating the consensus of Capital IQ seeking $253 million in revenue at Desktop Metal this year. The company also reported a 575% increase in fourth quarter revenue from a year earlier to $56.7 million and also topping the analyst average of $49.6 million.

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