Technology sector

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

Jtech stocks were catching up with much of their earlier declines. The SPDR Technology Select Sector ETF (XLK) slipped 0.4%, but the Philadelphia Semiconductor Index continued to fall 1.1% this afternoon.

In company news, Rackspace Technology (RXT) fell more than 12% after Oppenheimer downgraded its stock rating on Friday for the multi-cloud technology services company to outperform, citing pressure on margins and leverage levels. Oppenheimer analysts also removed their $18 price target for Rackspace shares.

Taiwan Semiconductor Manufacturing (TSM) was down 0.6% this afternoon, nearly halving its previous decline, after the chipmaker said it generated 491.08 billion Taiwan dollars in revenue over the past few months. first three months of 2022, up 35.5% from prior year levels and topping the Capital IQ consensus expects $469.01 billion in Q1 revenue.

Liquid Media Group (YVR) climbed 4.1% after the video production platform company on Thursday evening reported an increase in sales to $767,790 in its fiscal year 21 ended Nov. 30, from only $35,487 in income during the previous year.

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