Technology sector

Tech Sector Update 11/03/2022: DIDI,DOCU,NOK,ORCL

JTech stocks extended their decline from Friday, with the SPDR Technology Select Sector ETF (XLK) slipping 1.2% and the Philadelphia Semiconductor Index 1.4%.

In company news, DiDi Global (DIDI) fell more than 43% after the ride-hailing company reportedly planned to suspend its Hong Kong stock exchange listing after the Cyberspace Administration of China determined that efforts to company to protect customer data from leaks were insufficient.

DocuSign (DOCU) fell more than 21% after the software company on Thursday evening forecast Q1 and FY22 revenue below Wall Street estimates, topping online revenue and profit above consensus for its fourth quarter and the company also authorizing a new $200 million share buyback program. . The lower-than-normal forecast led to a pair of analyst downgrades at Oppenheimer and Baird while RBC Capital Markets cut its price target for DocuSign shares from $125 to $95 each.

Nokia (NOK) slid 0.5%, reversing a slight gain earlier on Friday that followed reports that the telecoms equipment company was in talks to replace Huawei’s 4G radio equipment for part of the network. Vodafone Idea in India. Nokia is reportedly rolling out 12,000 5G-ready radio sites and another 4,000 small cells in India’s capital of Delhi, according to the Reuters report, citing unnamed sources.

Oracle (ORCL) rose 2% this afternoon, rebounding from an early morning retreat of nearly 4%, after the software company reported third-quarter adjusted earnings of $1.13 per share Thursday night, versus $1.16 per share over the same quarter last year and behind Capital IQ Consensus for the three months ended Feb. 28 of $0.05 per share.

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