Technology sector

Tech Sector Update 9/2/2022: GDS, SCSC, NEWR

JTech stocks were up sharply, with the SPDR Technology Select Sector ETF (XLK) on Wednesday up 1.7% while the Philadelphia semiconductor index was up 2.4% this afternoon.

In company news, GDS Holdings (GDS) rose more than 15% after Morgan Stanley on Wednesday raised its investment recommendation for the Chinese data center company to overweight from equal weight previously and also set a price target of $60 for the stock.

ScanSource (SCSC) gained 1.6% on Wednesday after the computer peripherals and cybersecurity products company promoted chief revenue officer John Eldh to president of the company after more than two years in his former role. He succeeds Mike Baur as Chairman, who will continue as Chairman of the Board and Chief Executive Officer.

New Relic (NEWR) slid more than 27% after reporting a bigger-than-expected net loss for its third fiscal quarter ended Dec. 31 overnight and forecasting a loss for the current quarter, also missing expectations for Wall Street. Excluding one-time items, the software-as-a-service company forecasts a net loss of between $0.22 and $0.19 for the three months ending March 31, while Capital IQ consensus forecasts an adjusted loss of 0, $04 per share.

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