Technology sector

Technology Sector Update 01/28/2022: CLFD,TEAM,AAPL,HPE,HPQ,WDC

JTech stocks led stock markets higher on Friday, buoyed by a more than 6% gain for Apple (AAPL) after the iPhone maker reported fiscal first-quarter earnings and revenue Thursday night beating estimates consensual.

At last look, the SPDR Technology Select Sector ETF (XLK) rose 2.9%, although the Philadelphia Semiconductor Index fell 0.2% this afternoon.

In company news, Clearfield (CLFD) rose more than 18% on Friday after the networking equipment company reported fiscal first-quarter earnings and revenue that beat Wall Street expectations and also lifted. its FY22 sales forecast above analysts’ views.

Atlassian (TEAM) climbed 7.6% after the Australian software company reported non-IFRS net profit of $0.50 per share for its fiscal second quarter ended Dec. 31, from $0.37 per share. share a year earlier and beating Capital IQ’s estimate of $0.11 per share.

Hewlett Packard Enterprise (HPE) was up 1.4% following reports that a UK court sided with the software company in its fraud case against British businessman Mike Lynch on its $11 billion purchase of Autonomy, the court’s ruling that Lynch and another Autonomy executive acted to inflate Autonomy’s value ahead of a 2011 sale.

On the downside, Western Digital (WDC) fell 7.8% after forecasting fiscal third-quarter earnings and revenue below Wall Street expectations. The data storage company forecast non-GAAP net income of $1.50 to $1.80 per share on revenue of $4.45 billion to $4.65 billion. Analysts polled by Capital IQ were looking for an average of $1.93 billion and $4.73 billion, respectively. He also said that Robert Eulau was leaving his position as chief financial officer, to be replaced by the former chief financial officer of Dialog Semiconductor, Wissam Jabre.

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