Technology sector

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

JTech stocks led markets higher on Friday, buoyed by a more than 5% gain for Apple (AAPL) after the iPhone maker reported fiscal first-quarter earnings and revenue Thursday night beating consensus estimates .

At last look, the SPDR Technology Select Sector ETF (XLK) rose 2.5%, although the Philadelphia Semiconductor Index fell 0.3% this afternoon.

In company news, Atlassian (TEAM) climbed 8.7% after the Australian software company reported non-IFRS net profit of $0.50 per share for its second fiscal quarter ended December 31. , up from $0.37 per share a year earlier and beating Capital IQ’s estimate of $0.11 per share.

Hewlett Packard Enterprise (HPE) was up 0.6% following reports the software company won a fraud case against British businessman Mike Lynch over its $11 billion purchase of its autonomy, with a London court ruling that Lynch and another Autonomy executive acted to inflate Autonomy’s value ahead of a 2011 sale.

Western Digital (WDC) fell 8.1% 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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