Technology sector

Tech Sector Update 2/18/2022: SPCE, LASR, INTC, VNR, APPN

JTech stocks ended their worst trading levels on Friday, with the SPDR Technology Select Sector ETF (XLK) falling 1.0% while the Philadelphia semiconductor index fell 0.9% after Intel (INTC), at its annual investor meeting on Thursday, forecast for fiscal year 22 adjusted EPS just behind the analyst average of $3.51 per share. Intel shares were down 5.2% this afternoon.

In other corporate news, Virgin Galactic (SPCE) fell 7% on Friday after the space travel company said chairman of the board, Chamath Palihapitiya, had resigned to “focus on… ‘other commitments of the board of directors of the public company’. The company hired a firm of headhunters to find his successor.

nLIGHT (LASR) tumbled more than 18% after the specialty chipmaker reported fourth-quarter earnings Thursday evening below analysts’ estimates and also forecast first-quarter revenue in the range of $61 million to $67 million, lagging Capital IQ’s consensus of $69.8 million in revenue for the three months ending March 31.

Vontier (VNT) was slightly lower after the technical components and software company reported non-GAAP fourth-quarter net profit Thursday evening of $0.83 per share, down from $0.87 per share. in the prior year period, while net sales fell 30.4% year over year. year at $790.2 million, behind Street View’s $815.5 million.

On the upside, Appian (APPN) climbed 13% after the automation technology company reported fourth-quarter results that beat Wall Street estimates and also forecast first-quarter and fiscal 22 results. exceeding analysts’ expectations. Excluding one-time items, Appian’s net loss was $0.16 per share on $105 million in revenue versus Capital IQ’s consensus which was looking for an adjusted loss of $0.23 per share on $95.3 million. dollars of revenue in the fourth quarter.

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