Technology sector

Tech Sector Update 2/8/2022: TDC, VLDR, MSFT

JTech stocks were up, with the SPDR Technology Select Sector ETF (XLK) rising 1.0% on Tuesday while the Philadelphia semiconductor index was up 1.9% this afternoon.

In company news, Teradata (TDC) added more than 29% after the hybrid cloud analytics software company reported fourth-quarter non-GAAP net income of $0.57 overnight. per share, up from $0.38 per share in the year-ago quarter and beating the Capital IQ consensus expecting normalized earnings of $0.27 per share. The company also guided non-GAAP first-quarter and fiscal 22 earnings above street views and disclosed plans for an accelerated $250 million share buyback program.

Velodyne Lidar (VLDR) rose nearly 12% after the self-driving technology company announced an agreement to issue a mandate to Amazon.com (AMZN) to acquire up to 39.59 million Velodyne shares.

Microsoft (MSFT) climbed 1% after the tech giant teamed up with AI tech firm Flapmax to launch a tech startup accelerator in Africa, with participating companies receiving up to $250,000 in cloud credits Microsoft Azure as well as access to Dynamics 365 and Microsoft 365 platforms.

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