Technology sector

Technology Sector Update 04/13/2022: QCOM,S,CTS,MGGT.L,INFY

JTech stocks ended near their intraday highs on Wednesday, with the SPDR Technology Select Sector ETF (XLK) up 1.8% while the Philadelphia semiconductor index gained 2.6% this afternoon. .

In corporate news, Qualcomm (QCOM) rose 3.5% after the mobile phone chipmaker on Wednesday raised its quarterly dividend 10.3% from current levels at $0.75 per share, compared to $0.68 per share previously.

CTS (CTS) added 1% after the electronics maker announced it was acquiring LSX-listed Meggitt by paying 525 million Danish kroner ($76.5 million) in cash. CTS expects the deal to close later this year, subject to regulatory approvals and other customary closing conditions.

SentinelOne(S) climbed 13% after the cybersecurity company announced several enhancements to its Singularity extended detection and response platform, including a new partnership with private company Arctic Wolf that should simplify adoption and operational management of the XDR.

On the downside, Infosys (INFY) fell 5.5% after the Indian digital services company reported earnings of $0.18 per share for its fiscal fourth quarter ended March 31, improving net profit by 0 $.16 per share in the same quarter last year but still lagging Capital IQ Consensus of $0.01 per share.

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