Technology sector

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

JTech stocks moved back into positive territory on Thursday evening, with the SPDR Technology Select Sector ETF (XLK) up 0.9% while the Philadelphia semiconductor index climbed 1.8% this afternoon.

In company news, Squarespace (SQSP) fell 8.8% in afternoon trading after online content management company JMP Securities downgraded to make the market outperform the market. market.

Ericsson (ERIC) fell 9.1% after the mobile phone maker on Thursday reported net profit of 1.35 crowns ($0.13) per share in the second quarter, from 1.10 crowns per share during from the same quarter last year, but still lagging the Capital IQ consensus looking for a crown of 1.68. earnings per share.

Sprout Social (SPT) fell more than 7% 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. .

On the upside, Taiwan Semiconductor Manufacturing (TSM) gained 2.9 after the chipmaker reported second-quarter net profit of 9.14 New Taiwan dollars ($0.31) per share, improving a profit of 5 $.18 per share last year and beating Capital IQ’s consensus expectation of $8.53 per share. to 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.