Technology sector

Tech Sector Update 7/1/2022: META, ATVI, PING, MU

JTech stocks were down on Friday, with the SPDR Technology Select Sector ETF (XLK) down 0.9%, while the Philadelphia semiconductor index plunged 4.7% this afternoon after the Chipmaker Micron Technology (MU) guided fiscal fourth-quarter sales and earnings below Wall Street estimates because of weak PC and smartphone markets.

Micron stock fell 4%.

Meta Platforms (META) fell 1.6% following a Reuters report that Facebook’s parent company cut plans to hire engineers by at least 30% this year. Zuckerberg reportedly warned Meta employees to prepare for a deep economic downturn.

Ping Identity (PING) was up 1.4% this afternoon after it said Bryan Kristian Nagel would step down as COO on July 15 to pursue other opportunities, although he will continue with the software company as a service as an advisor until the end of September.

Activision Blizzard (ATVI) rose 0.7% after the interactive entertainment company announced its purchase of private software studio Proletariat. Financial terms were not disclosed.

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