Technology sector

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

JTech stocks were down on Friday, with the SPDR Technology Select Sector ETF (XLK) this afternoon down 0.7% while the Philadelphia semiconductor index fell 0.6% this afternoon. .

In company news, DocuSign (DOCU) fell more than 22% after the software company on Thursday evening forecast first-quarter and fiscal 22 revenue below Wall Street estimates, topping revenue and online earnings 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) rose 0.5% following reports that the telecommunications equipment company was in talks to replace Huawei’s 4G radio equipment for part of Vodafone Idea’s network 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 3.7% 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 on Thursday evening. , up from $1.16 per share in 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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