Technology sector

Tech Sector Update 7/21/2022: SIDU,LDOS,SMCI,VLD,ARRY

JTech stocks continued to rise, with the SPDR Technology Select Sector ETF (XLK) rising 1.1% while the Philadelphia Semiconductor Index gained 1% this afternoon.

In company news, Sidus Space (SIDU) rose nearly 15% after Thursday said it had completed manufacturing the first set of hardware for NASA’s manned space launch vehicle. The Leidos Dynetics Unit (LDOS) is the prime contractor for constructing the Universal Stage Adapter for the Space Launch System.

Super Micro Computer (SMCI) added nearly 13% after the computer server hardware and software company raised its fourth-quarter profit and revenue forecast, now projecting a non-GAAP profit of 2.30 at $2.40 per share on revenue of between $1.58 and $1.63 billion compared to its prior guidance looking for $1.51 to $1.69 per share and 1, $40 billion to $1.48 billion, respectively. Analysts on average expect Super Micro to earn $1.58 per share, excluding one-time items, on $1.43 billion in revenue in the three months ended June 30.

Velo3D (VLD) rose 12.5% ​​after announcing a new partnership with Hartech Group on Thursday, which will help commercialize Velo3D additive manufacturing technology to the Pentagon and other federal agencies and accelerate its adoption by government departments. . Financial terms were not disclosed.

Among the declines, Array Technologies (ARRY) fell 1.4% after the solar tracking systems company announced a monetary settlement agreement with private rivals Nextracker and Flextronics International USA on Thursday. According to the plaintiffs, the companies hired an employee of Array in violation of his non-competition agreement and alleging that he obtained certain confidential information from Array.

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