Technology sector

Technology Sector Update 2/16/2022: WIX,EJH,RXT,NET,ADI

JTech stocks were trying to reverse their previous declines from Wednesday, with the SPDR Technology Select Sector ETF (XLK) rising less than 0.1% this afternoon and the Philadelphia Semiconductor Index falling less than 0, 1%.

In company news, (WIX) was down more than 23% shortly before Wednesday’s closing bell, earlier dropping more than 29% to its lowest share price since. April 2018 after the website development company reported a 16% increase in fourth quarter revenue from levels a year ago, reaching $328.3 million, but still behind the consensus call from Capital IQ, which expects $332.8 million for the three months ended Dec. 31. .

E-Home Household Service (EJH) fell 2.6% after announcing the creation of a new artificial intelligence subsidiary to join forces with other companies to build a metaverse platform. E-Home will also train metaverse brand ambassadors and housekeeping staff under the program.

Rackspace Technology (RXT) fell 2.3% after the cloud technology company announced an expanded strategic partnership with Cloudflare (NET). The companies said Rackspace will provide managed services for the Cloudflare Zero Trust cybersecurity website through its Elastic Engineering for Security portfolio. Shares of Cloudflare also fell 5.3% this afternoon.

On the upside, Analog Devices (ADI) rose 3.8% after the electronics maker announced first-quarter results that beat Wall Street expectations and also issued an upbeat outlook for the current quarter. The company forecasts adjusted net income for the three months ending April 30 in the range of $1.97 to $2.17 per share on revenue of between $2.7 billion and $2.9 billion. Analysts are looking for an average of $1.86 per share and $2.66 billion, respectively.

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