JTech stocks fell on Tuesday, with the Technology Select Sector ETF SPDR (XLK) losing 1.9% while the Philadelphia Semiconductor Index was down 2.9% by late afternoon.
In corporate news, shares of IBM (IBM) soared 5.9% after the enterprise IT provider’s fourth-quarter sales and profits topped Street Views. Demand for technology and consulting services generated more than $1 billion in incremental revenue for the tech giant following the spin-off of its managed infrastructure services business from Kyndryl Holdings (KD). IBM is also seeing a marked acceleration in hybrid cloud spending, which could bode well for future results for other technology leaders, Wedbush analyst Daniel Ives said in a research note.
SentinelOne (S) shares fell 5%. The cybersecurity software provider said accounting firm KPMG will use SentinelOne’s Singularity XDR platform to speed up investigations and help speed its response to cyberattacks on customers. Financial terms were not disclosed.
TuSimple (TSP) slipped 2.3%. The self-driving technology company has announced a collaboration agreement with industrial and commercial real estate developer Hillwood, which will prepare its properties for self-driving truck management from its AllianceTexas development near Fort Worth International Airport, Texas. .
Shares of Toast (TOST) fell 5.9% after Mizuho lowered its price target for the specialty software provider’s shares from $19 to $24 and reiterated a neutral rating.
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