Technology sector

Tech Sector Update for 4/21/2022: TWTR, TSLA, XRX, GFAI, ETWO

JTech stocks continued to weaken this afternoon amid a surge in Treasury yields on Thursday that eroded support for growth stocks. At last look, the SPDR Technology Select Sector ETF (XLK) fell 1.6% and the Philadelphia Semiconductor Index slipped 2.6% this afternoon.

In corporate news, Twitter (TWTR) was down shortly before Thursday’s closing bell, down 0.1%, after Tesla (TSLA) CEO Elon Musk said he had secured sufficient financial commitments — including $21 billion of its own money — to fund its $46.5 billion. Takeover bid on the social media company. Musk also said he was considering a tender offer to acquire Twitter shares at $52.20 apiece given the lack of response so far from Twitter’s board of directors to the recent takeover proposal, according to a regulatory file.

Xerox (XRX) fell nearly 17% after the document and workplace technology company reported a surprise non-GAAP net loss of $0.12 per share for its first fiscal quarter ended March 31 , wiping out earnings of $0.22 per share in the same quarter in 2021 and missing Wall Street expectations looking for normalized earnings of $0.13 per share. Revenue also fell 2.3% year-over-year to $1.67 billion, but topped the analyst average of $1.63 billion.

Among the winners, Guardforce AI (GFAI) rose more than 17% after Thursday began rolling out its robotic security services in the United States, with the first robots deployed in New Jersey office buildings where they will provide security services. disinfection tasks on a trial basis. Future deployments will include front desk services in restaurants, hotels and shopping malls, eventually expanding to delivery, security and advertising applications, the company said.

E2open Parent Holdings (ETWO) rose 2.5% after BofA Securities raised its investment recommendation on Thursday for the supply chain management software company to buy to neutral previously.

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