JTech stocks were significantly lower on Tuesday afternoon, with the SPDR Technology Select Sector ETF (XLK) falling 2.5% and the Philadelphia Semiconductor Index down 4.4%.
In corporate news, Ambarella (AMBA) fell nearly 30% after the specialty chipmaker reported a net loss of $0.45 per share Monday night for its fiscal fourth quarter ended Jan. 31 on on a GAAP basis, improving a loss of $0.35 per share in the same quarter. last year and missing the consensus of Capital IQ which expects a loss of $0.25 per share in the fourth quarter.
Core Scientific (CORZ) fell nearly 190% after the artificial intelligence and blockchain infrastructure company said board members late last week approved a waiver to the period. 180-day lock-up for its common shares issued in its January 19 merger with blank check. Power & Digital Infrastructure Acquisition Corp allowing investors to begin selling those shares from March 10, citing the need for “an orderly and measured flow” of its shares in public markets.
Kyndryl Holdings (KD) fell nearly 15%, staying close to a new all-time high of $13.22 per share after saying overnight that its fourth-quarter net loss had widened to $3.30 per share versus a loss of $3.21 per share in the prior year quarter and missing the consensus Capital IQ expects a net loss of $1.15 per share for the information systems company and the IBM spin-off (IBM) during the three months ended December 31.
Novanta (NOVT) fell 4.7% after the precision motion components company forecast first-quarter and fiscal 22 earnings below Wall Street expectations. Excluding one-time items, it forecast first-quarter net profit in the range of $0.60 to $0.66 per share, trailing Capital IQ’s consensus expecting adjusted profit of $0.67. per share for the current quarter ending March 31. It also forecast non-GAAP earnings for FY22 of $2.85 to $3.00 per share compared to the average analysts researching the company at $3.09 per share this year.
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