Technology sector

Tech Sector Update 7/29/2022: XLK, FIVN, KLTR, INTC

JTech stocks were higher late Friday afternoon, with the SPDR Technology Select Sector ETF (XLK) adding 1.7% and the Philadelphia Semiconductor index recovering from an earlier slump to rise 0.8%.

In company news, Five9 (FIVN) gained more than 9% after reporting non-GAAP second-quarter earnings of $0.34 per share on Thursday, up from $0.23 a year earlier and ahead of the analyst consensus of $0.18 compiled by Capital IQ. The company raised its profit and sales guidance for the full year to levels above expectations.

Kaltura (KLTR) rose around 7% after the video cloud platform provider confirmed receipt of an unsolicited takeover offer from Panopto, a private company owned by K1 Investment Management, to acquire its shares for $3 each in cash, above its Thursday closing price of $2.36.

Shares of Intel (INTC) fell about 9% after reporting second-quarter adjusted earnings of $0.29 per diluted share, down from $1.36 per share a year earlier and well below l $0.70 estimate in a Capital IQ analyst survey. The company also lowered its non-GAAP revenue forecast for 2022 to between $65 billion and $68 billion, from about $76 billion previously.

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