Technology sector

Tech Sector Update 5/20/2022: KAI, AMATA, PSTG, PANW

JTech stocks closed higher on Friday, with the SPDR Technology Select Sector ETF (XLK) up 0.2%, although the Philadelphia semiconductor index fell 0.3%.

In company news, Kadant (KAI) returned to positive ground this afternoon, up 2.6%, after the technical parts company cleared a $50 million share buyback program of dollars.

Applied Materials (AMAT) fell 3.9% after the chip-making equipment company missed Thursday night’s Wall Street expectations for the second fiscal quarter and provided non-GAAP estimates for earnings and third quarter revenue.

Pure Storage (PSTG) fell 6.8% after a BofA Securities downgrade of the data storage company to neutral since the purchase, coupled with a $7 reduction in the price target for the stock to $27 per share.

Palo Alto Networks (PANW) rose 9.7% after the firewall and cloud security company reported third-quarter results that beat analysts’ forecasts and also guided non-GAAP net income for 2022 in a range of $7.43 and $7.46 per share, excluding one-time items, on $5.48 billion to $5.50 billion in revenue. Analysts are looking for adjusted earnings of $7.29 per share on revenue of $5.47 billion.

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