Technology sector

Technology Sector Update 03/01/2022: CORZ,NOVT,KD,IBM

JTech stocks were significantly lower this afternoon, with the SPDR Technology Select Sector ETF (XLK) down 2.0% on Tuesday and the Philadelphia Semiconductor Index down 3.7%.

In company news, Core Scientific (CORZ) fell more than 21% after the artificial intelligence and blockchain infrastructure company said board members at the end of the week last had approved a waiver of the 180-day lock-up period for its ordinary shares issued during its January session. 19 merger with blank check firm 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 more than 15%, staying within range of a new all-time high of $13.50 per share after reporting overnight that its fourth-quarter net loss widened to 3, $30 per share versus a loss of $3.21 per share in the prior year quarter and missing the Capital IQ consensus expects a net loss of $1.15 per share for the systems company information and the spin-off of IBM (IBM) during the three months ended December 31.

Novanta (NOVT) fell 5.1% 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.