Technology sector

Tech Sector Update 7/14/2022: ERIC, SPT, TSM

JTech stocks fell slightly on Thursday, with the SPDR Technology Select Sector ETF (XLK) dropping 0.2% while the Philadelphia semiconductor index fell 0.1% this afternoon.

In corporate news, Ericsson (ERIC) fell 9.7% after the mobile phone maker on Thursday reported second-quarter net profit of 1.35 crowns ($0.13) per share, compared to 1.10 crowns per share in the same quarter last year, but still lags Capital IQ’s consensus. for a profit of 1.68 crowns per share.

Sprout Social (SPT) fell more than 11% after Morgan Stanley on Thursday lowered its price target for the social media management company from $4 to $66 per share and reiterated its equal weight rating for the stock. .

Taiwan Semiconductor Manufacturing (TSM) gained 1.5% after the chipmaker reported second-quarter net profit of 9.14 New Taiwan dollars ($0.31) per share, improving earnings by $5.18 per share last year and beating Capital IQ’s consensus expectation of $8.53 per share. Revenue grew 43.5% year-over-year to 534.14 billion New Taiwan dollars, also topping Street View’s 524.18 billion.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.