Technology sector

Technology Sector Update 8/4/2022: LPSN, RXT, TSM, YVR

JTech stocks retraced their earlier declines late in Friday’s session, with the SPDR Technology Select Sector ETF (XLK) slipping 1.2% and the Philadelphia Semiconductor Index falling 2.2% this afternoon. .

In company news, LivePerson (LPSN) climbed 2% after the commercial messaging company said on Friday it was “constructively engaged” in talks with Starboard Value, the activist hedge fund that has named four nominees to the LivePerson Board of Directors. In a letter to current board members on Thursday, Starboard chastised the company for “extremely poor” corporate governance and urged management to take swift action to address soaring costs.

Among the declines, Taiwan Semiconductor Manufacturing (TSM) was down 1.2% this afternoon after the chipmaker said it generated 491.08 billion Taiwan dollars in revenue in the first three months of 2022, up 35.5% from prior year levels and beating Capital IQ’s consensus. $469.01 billion in revenue in the first quarter.

Liquid Media Group (YVR) was down 4%, reversing an earlier gain that followed the video production platform company on Thursday night reporting an increase in sales to $767,790 in its fiscal 21 ended Nov. 30 , compared to just $35,487 in revenue in the prior year.

Rackspace Technology (RXT) fell more than 13% after Oppenheimer downgraded its stock on Friday to take the multi-cloud technology services company from outperformance, citing pressure on margins and stock levels. indebtedness. Oppenheimer analysts also removed their $18 price target for Rackspace shares.

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