Technology sector

Tech Sector Update for 7/2/2022: CRNC, ON, SNOW

Jtech stocks were down. On Monday, the SPDR Technology Select Sector ETF (XLK) slipped 0.4%, but the Philadelphia Semiconductor Index was up 0.5% this afternoon.

In company news, Cerence (CRNC) fell nearly 35% after virtual assistance reported a 0.8% year-over-year increase in revenue for its fiscal first quarter ended. on December 31 at $94.4 million, but still lagging the Capital IQ consensus which expects $95.1 million in Q1 revenue. The company also forecasts revenue for its current Q2 in the $82-86 million range, behind Street View’s $99.9 million.

ON Semiconductor (ON) rose 8.9% after the chipmaker reported fourth-quarter non-GAAP net profit and revenue that beat Wall Street expectations and projected first-quarter results, beating also analysts’ estimates. Excluding one-time items, it earned $1.09 per share on $1.85 billion in revenue, while Capital IQ consensus expects adjusted earnings of $0.94 per share on $1.79 billion. revenue dollars.

Snowflake (SNOW) climbed 8.3% after an upgrade from the data cloud company’s Morgan Stanley to an equal weight overweight coupled with a $46 increase in its price target for the stock to 390 $ 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.