Technology sector

Tech Sector Update for 12/08/2022: RKLB,TOST,ON

JTech stocks were up on Friday, with the SPDR Technology Select Sector ETF (XLK) up 1.5% and the Philadelphia Semiconductor Index up 2.8% this afternoon.

In corporate news, Rocket Lab USA (RKLB) rose more than 20% after Wells Fargo on Friday raised its price target for the launch services company from $1.50 to $6.50 per month. stock and reiterated its equal weight rating for the stock.

Toast (TOST) posted a 9.5% gain after the specialty software company cut its second-quarter loss overnight from year-ago levels, as revenue in the June quarter rose 58 % year-over-year, hitting $675 million and beating the Capital IQ consensus expects $647.6 million in second-quarter revenue. The company also expects third-quarter and fiscal 22 revenue to beat Wall Street forecasts.

ON Semiconductor (ON) climbed 8% after the specialty chipmaker officially opened its expanded silicon carbide plant in Hudson, New Hampshire, on Thursday evening, which has increased its capacity fivefold from current levels. Last week, the company said it already has $4 billion in long-term supply agreements in place for silicon carbide over the next three years, with revenue from the company’s segment expected to top $1 billion. in 2023.

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