Technology sector

Tech Sector Update for 8/16/2022: FN, LITE, ACLS, ESLT

TTech stocks faded shortly before Tuesday’s closing bell, with the SPDR Technology Select Sector ETF (XLK) dropping 0.2% and the Philadelphia Semiconductor Index slipping 0.9% this after -midday.

In corporate news, Fabrinet (FN) gained more than 14% after reporting fiscal fourth-quarter results on Monday evening that beat analysts’ expectations and offered an upbeat outlook for the current quarter.

On the downside, Elbit Systems (ILEC) fell 3.9% after the Israeli avionics company reported second-quarter non-GAAP net profit of $1.73 per share, down from $2.11 per share. share in the same quarter last year and lagging a single analyst’s estimate that expected $2.09. adjusted earnings per share. Revenue was flat at $1.30 billion, also lagging the analyst’s call of $1.34 billion.

Axcelis Technologies (ACLS) fell 5.9% after an overnight regulatory filing showed chief financial officer Keven Brewer late last week sold 9,461 shares of the equipment company of semiconductors at $75.00 to $76.31 each and generating $712,878 in gross proceeds. Following the August 15 transactions, Brewer directly owns 54,786 shares, including 38,378 restricted shares.

Lumentum (LITE) fell 6.4% after the optical networking products company issued a pessimistic earnings outlook for its fiscal first quarter on Tuesday, projecting adjusted net profit in a range of $1.45 to 1, $70 per share versus Capital IQ’s consensus which expects Lumentum to earn $1.81 per share. in the current quarter ending October, excluding non-recurring items.

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