Technology sector

Tech Sector Update for 3/14/2022: DCT,MKFG,KC,PLAB,BDR

JTech stocks continued to lose ground on Monday, with the SPDR Technology Select Sector ETF (XLK) down 1.8% and the Philadelphia Semiconductor Index down 3.2% this afternoon.

In company news, Duck Creek Technologies (DCT) fell 11% in late trading Monday after the software-as-a-service company announced that Vincent Chippari would step down as chief financial officer on April 4 before his official retirement on April 15. hired former Markforged (MKFG) chief financial officer Kevin Rhodes to succeed Chippari.

Kingsoft Cloud Holdings (KC) plunged more than 48% this afternoon, earlier dropping 49% to a record $2.51 per share, after JPMorgan downgraded its share rating for the Chinese company on Monday. cloud services to underweight it from neutral and also reduced its price target. for Kingsoft shares from $4.50 to $3.50 each.

Photronics (PLAB) fell 4.6% after the photo mask company said on Monday that Peter Kirlin was settling in as CEO to pursue other interests and the company selected the chairman of the board Deno Macricostas to temporarily succeed him in his search for a permanent general manager. Photronics has also promoted Frank Lee to the position of new president from his current position managing its Asia business.

Blonder Tongue Laboratories (BDR) fell 3.2%, returning an earlier lead, after the networking equipment company said on Monday it had begun a strategic review of its options and had retained the services of bankers from Emerging Growth Equities investment to help him through the process.

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