Technology sector

Tech Sector Update 3/23/2022: YOU, VICR, ADBE, INTC

JTech stocks added to their Wednesday declines this afternoon, with the SPDR Technology Select Sector ETF (XLK) on Wednesday down 1.0% while the Philadelphia semiconductor index slid 1.9% this afternoon.

In company news, Clear Secure (YOU) soared more than 17% on Wednesday after the biometric security company forecast revenue for its current first quarter to beat analysts’ expectations, projecting between 88 million and 89 million. dollars in revenue for the three months ending March 31 and leading Capital. Consensus IQ is looking for $82.9 million in Q1 revenue.

Intel (INTC) was nearly stable following reports that the US chipmaker is set to announce its $650 million purchase of Israeli cloud services startup Granulate, which has developed tools to improve the power of computing and real-time performance of cloud servers. The Haaretz newspaper also reported that Intel plans to establish a research and development center in southern Israel.

Among decliners, Adobe (ADBE) fell 9% after its second-quarter outlook fell short of market expectations, with the digital media software company forecasting earnings per share of $3.30, excluding one-time items. , on a turnover of 4.34 billion dollars. The street is at $3.35 per share and $4.41 billion, respectively.

Vicor (VICR) fell nearly 21% after CJS Securities downgraded its stock rating for the electronics maker on Wednesday to outperform the market from previous market outperformance.

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