Technology sector

Tech Sector Update 5/26/2022: FSLY,SPLK,NTNX

JTech stocks advanced on Thursday, with the SPDR Technology Select Sector ETF (XLK) up 2.5% while the Philadelphia Semiconductor Index gained 3.9% this afternoon.

In corporate news, Fastly (FSLY) soared nearly 14% after the cloud platform company announced plans on Thursday to repurchase approximately $235 million of its 0% convertible senior notes. maturing in 2026, paying $176.2 million in cash for the securities, or about 25% below face value. After the May 31 buyout, the company will still have approximately $713.8 million in notes outstanding.

Splunk (SPLK) rose 8.5% after the data analytics company reported weaker-than-expected first-quarter net loss and adjusted revenue, beating analyst estimates and also raising its revenue outlook for fiscal year 23 by $50 million from its previous forecast, now projecting between $3.30 billion and $3.35 billion for the 12 months ending next January.

Nutanix (NTNX) was down 22% this afternoon, earlier dropping 37% to a record high of $13.51 per share, after the multi-cloud computing company forecast earnings for its estimates of analysts in the current fourth quarter. It projects revenue for the three months ending July 30 in the range of $340-360 million, while Capital IQ’s consensus expects $440.3 million.

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