Technology sector

Tech Sector Update for 5/31/2022: CRTD,SNAP,SSYS,BOSC

JTech stocks closed lower on Tuesday, with the SPDR Technology Select Sector ETF (XLK) down 0.7% while the Philadelphia Semiconductor Index fell 0.5%.

On the corporate side, Creatd (CRTD) rose nearly 1% after announcing a $4 million private placement. The company will also issue 2 million Series C warrants to purchase shares with an initial price of $3 per share and 2 million Series C warrants to purchase shares with an initial exercise price of $6. per share.

BOS Better Online Solutions (BOSC) jumped nearly 6.6% after the RFID equipment provider reported first-quarter net profit of $0.06 per share for its first quarter ended March 31, improving a earnings of $0.02 per share in the same quarter last year, while revenue rose 47% from year-ago levels to $10.8 million.

On the downside, Stratasys (SSYS) was down 1.4% this afternoon after the company announced it had become a NASCAR competition partner and was teaming up with the race car circuit to produce parts 3D printed production models that will be featured on all NASCAR Next Gen cars.

Snap (SNAP) fell 9.4% after Vertical Research downgraded the camera and social media company to a negative post-purchase result, while Credit Suisse cut its price target for Snap shares by 18 at $59 each. The moves follow Snap last week warning that its second-quarter revenue will likely be lower than its previous guidance, expecting a 20% to 25% increase from year-ago levels.

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