Technology sector

Tech Sector Update 7/20/2022: AEHR,LFUS,ORCL,MSFT

JTech stocks led the broader market advance on Wednesday, with the SPDR Technology Select Sector ETF (XLK) up 1.2% while the Philadelphia Semiconductor Index gained 1.5% this after -midday.

In corporate news, Aehr Test Systems (AEHR) gained more than 20% after the chip manufacturing equipment company reported non-GAAP net income of $0.23 per share in the fourth quarter. , which represents a nearly six-fold increase from the previous year’s levels and is in line with analysts’ estimates. The company, which also announced an additional $12.8 million order from a chipmaker serving the electric vehicle market, said its second-quarter revenue rose 166% year-on-year to hit $20.3 million, beating Wall Street expectations for the June quarter by nearly $300,000. .

Littelfuse (LFUS) was up almost 1% after Tuesday night’s close of its purchase of C&K Switches. Financial terms were not disclosed, but Littelfuse said the maker of high-performance electromechanical switches and interconnect devices has more than $200 million in annualized sales and will be part of its electronics reporting segment.

Oracle (ORCL) rose 0.4% after the data management software company on Wednesday announced a new partnership with Microsoft (MSFT) allowing Microsoft Azure customers to directly access Oracle databases on Oracle Cloud Infrastructure . Financial terms for the Oracle Database Service for Microsoft Azure initiative were not disclosed. Microsoft shares are up 1.3% in the latest trades.

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