Technology sector

Tech Sector Update 6/6/2022: SAIC,ENPH,TWTR,TSLA

JTech stocks fell slightly, returning their earlier lead amid a surge in US Treasury yields on Monday. At last look, the SPDR Technology Select Sector ETF (XLK) slipped 0.1% and the Philadelphia Semiconductor Index was down 0.3% this afternoon.

In company news, Science Applications International (SAIC) gained 7.6% after the IT services company reported non-GAAP net profit and revenue for its first fiscal quarter ended April 29, topping analysts’ estimates and also raising its profit and revenue forecast for FY23. The company also expanded its existing share buyback program by an additional 8 million shares.

Enphase Energy (ENPH) rose 4.9% after the electronics maker said several solar power installers in Australia were now exclusively selling Enphase products in response to new safety and compliance rules there. effective last month.

Twitter (TWTR) fell 4% after Elon Musk threatened to scuttle its $44 billion takeover bid, accusing Twitter executives of withholding the number of spam and fake accounts on the platform of social media. In a regulatory filing, the CEO of Tesla (TSLA) argued that his failure to obtain the requested information constituted a material breach of the April merger agreement, allowing him to opt out of the deal. Twitter responded on Monday that it is in full compliance with the terms of the companies’ merger agreement.

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