Technology sector

Tech Sector Update 7/22/2022: SNAP,NOVT,SIX,TWTR

JTech stocks weighed on broader markets on Friday, with the SPDR Technology Select Sector ETF (XLK) falling 1.8% while the Philadelphia semiconductor index slid 3% this afternoon.

In company news, Snap (SNAP) plunged on Friday, at one point dropping nearly 39% to its worst stock price since March 2020, after the camera app company announced a price increase of 13% of its second-quarter revenue from year-ago levels, hitting $1.11 billion. but still lagging Capital IQ’s consensus expectation of $1.13 billion for the three months ended June 30. It also declined to offer guidance for its third-quarter revenue and other metrics, citing “uncertainties related to the operating environment.”

Twitter (TWTR) rose 0.5%, reversing a morning decline of more than 2%, after the social media company reported a surprise net loss of $0.08 per share in Q2, reversing an adjusted profit of $0.20 per share during the prior year period. and miss Capital IQ’s consensus expecting it to earn $0.14 per share, excluding one-time items. Revenue fell 0.8% year-over-year to $1.18 billion, also lagging the analyst average of $1.34 billion.

Novanta (NOVT) climbed 9% after the S&P Dow Jones Indices announced late Thursday that the photonics company would join the S&P MidCap 400 Index with the start of regular session trading on Tuesday. Novanta will replace theme park operator Six Flags Entertainment (SIX), which is moving to the S&P SmallCap 600 index. Shares of Six Flags were up 2.1% this afternoon.

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