Technology sector

Tech Sector Update 2/22/2022: CSCW, VNT, C, UIS

JTech stocks were down, with the SPDR Technology Select Sector ETF (XLK) and the Philadelphia Semiconductor Index both down about 1.0% this afternoon.

In corporate news, Color Star Technology (CSCW) plunged nearly 53% after the software company on Tuesday announced a stock purchase agreement with selected institutional investors for a $10 million direct offering. $25 million shares priced at $0.40 apiece, or 22.5% below Friday’s closing price. . Investors also received an equal number of warrants exercisable at $0.40 per share.

Vontier (VNT) rose 3.3% after the technical equipment and software company announced on Tuesday that it had entered into a $250 million accelerated share buyback agreement with the consumer division of Citigroup (C). After completing the new share buyback program with Citigroup, Vontier will have approximately $250 million remaining under its current authorization announced last May.

Unisys (UIS) gained 7.5% after reporting non-GAAP fourth-quarter net income of $0.51 per share, up from $0.73 per share in the same quarter in 2020, but still beating the Capital IQ’s consensus expects the IT services company to earn $0.37 per share in the three months ended Dec. 31, excluding one-time items. Revenue also fell 6.5% to $539.3 million, but also topping the analyst average of $538.6 million.

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