Technology sector

Technology Sector Update 2/22/2022: ASTR, CSCW, VNT, C, UIS

JTech stocks were well above their late-trading intraday lows, with the SPDR Technology Select Sector ETF (XLK) falling 0.3% while the Philadelphia semiconductor index climbed 0.1% this afternoon.

In corporate news, Astra Space (ASTR) slid 4.1% after saying on Tuesday it had completed a flight data review and reconstructed the schedule for its February 10 rocket launch from Cape Canaveral. in Florida which failed to deliver four small research satellites to low Earth orbit after suffering an anomaly during flight. Without saying what may have caused the apparent separation problem between the rocket’s first and second stages that forced it to abort the flight, Asta said it was now analyzing fault trees before implementing fixes soon. corrective actions of the probable problem.

Color Star Technology (CSCW) plunged more than 55% after the software company on Tuesday announced a securities purchase agreement with selected institutional investors for a $10 million direct offering of 25 million shares of common stock. priced at $0.40 each, or 22.5% below Friday’s closing price. Investors also received an equal number of warrants exercisable at $0.40 per share.

Among the winners, Unisys (UIS) rose 7.7% after reporting fourth quarter non-GAAP net income of $0.51 per share, compared to $0.73 per share in the same quarter in 2020 , but still beating the Capital IQ consensus which expects the IT services company to earn $0.37 per share. share during the three months ended December 31, excluding non-recurring items. Revenue also fell 6.5% to $539.3 million, but also topping the analyst average of $538.6 million.

Vontier (VNT) rose 1.9% after the technical equipment and software company announced on Tuesday that it had entered into a $250 million accelerated share buyback agreement with the consumer division of Citigroup (C). After completing the new share buyback program with Citigroup, Vontier will have approximately $250 million remaining under its current authorization announced last May.

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