Technology sector

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

JTech stocks continue to lead the broader market advance on Wednesday, with the SPDR Technology Select Sector ETF (XLK) up 1.6% while the Philadelphia Semiconductor Index gained 2.5% this after- midday.

In company news, Comtech Telecommunications (CMTL) was up 6.9% on Wednesday night after an overnight regulatory filing showed board member Lisa Lesavoy bought 10 000 of its shares at $10.22 each, nearly doubling its stake in the networking equipment company to 18,476 shares. . She joins CEO Michael Porcelain and CFO Michael Bondi, who bought 6,250 and 4,000 Comtech shares respectively earlier this week.

Aehr Test Systems (AEHR) gained more than 28% after the chip-making equipment company reported non-GAAP fourth-quarter net profit of $0.23 per share, a three-fold increase. nearly six over year-ago levels and 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 revenue for the quarter ended May 31 increased 166% year-over-year to reach $20.3 million.

Littelfuse (LFUS) rose 1.9% 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 0.5% 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% in recent trades.

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