Technology sector

Technology Sector Update 10/05/2022: MCHP,APPN,PEGA,MAXR,MAXR.TO,SRT

JTech stocks largely regained their form on Tuesday, with the SPDR Technology Select Sector ETF (XLK) up 1.7% late in the session while the Philadelphia Semiconductor Index gained 2.9% this after- noon.

In company news, Microchip Technology (MCHP) gained 6.3% after the integrated semiconductor products company reported fourth-quarter results Monday evening topping Wall Street expectations and guiding net profit and revenue for the current quarter also exceeded analysts’ estimates. Excluding one-time items, revenue of $1.35 per share in the three months ended March 31 increased 25.7% year-over-year to $1.84 billion. Analysts on average had expected $1.25 per share and $1.82 billion, respectively.

Appian (APPN) rose nearly 39% after it said Tuesday that a circuit court jury in Fairfax County, Va., ordered Pegasystems (PEGA) to pay nearly $2.04 billion in damages for “willful and malicious” misappropriation of Appian’s trade secrets. The jury also found that Pegasystems violated Virginia’s computer crimes law, Appian said. Pegasystems shares were down nearly 22% this afternoon.

Among the decliners, Maxar Technologies (MAXR) fell slightly, reversing earlier gains after the networking equipment company reported a net loss of $0.10 per share in the first quarter, reducing its $1.30 per share although it still missed the Capital IQ consensus of $0.01 per share.

Startek (SRT) fell nearly 22% after the technology services company reported non-GAAP first-quarter net income of $0.05 per share on Monday evening, down from $0.04 per share during the the same quarter last year, but still lagging the average of the two analysts who expect a $0.14 per share. adjusted earnings in shares. Revenue rose 2.6% year-over-year to $167.3 million, also lagging Street View, which came in at $168.4 million.

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