Technology sector

Technology Sector Update 11/08/2022: NVEE,ENVX,VZIO,AOSL

JTech stocks were down, with the SPDR Technology Select Sector ETF (XLK) falling 0.3% on Thursday, while the Philadelphia semiconductor index was down 0.2% this afternoon.

In company news, NV5 Global (NVEE) rose 2.6% after the technology consultancy said it received two new contracts worth a combined $13 million from the University of California and the US Geological Survey to support California wildfire studies and mitigation efforts.

Enovix (ENVX) soared nearly 32% after announcing a follow-on contract late Wednesday to build and test custom lithium-ion cells for use in portable batteries carried by U.S. Army soldiers. Separately, Enovix overnight reported an adjusted net loss of $0.13 per share on $5.1 million in revenue in its second quarter ended July 3, beating Wall Street estimates looking for a loss of $0.17 per share on $320,000 in revenue.

VIZIO (VZIO) gained 18% after the home entertainment equipment company reported surprise second-quarter earnings of $0.01 per share, reversing a net loss of $0.08 per share in the quarter from the prior year and beating the Capital IQ consensus looking for a net loss of $0.02 per share. . Revenue rose 1.9% to $408.9 million, also beating analysts’ estimate of $407.2 million.

Alpha and Omega Semiconductor (AOSL) rose 8% after the chipmaker reported earnings of $0.95 per share for its fourth fiscal quarter ended June 30, unchanged from year-ago levels, but beating analyst consensus of $0.09 per share. Revenue grew 9.4% year-over-year to $194 million, also topping Street View’s $190 million.

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