Technology sector

Technology Sector Update 9/5/2022: EMBK,PLTR,CLVT,TWKS

JTech stocks continued to add to their Monday declines, with the SPDR Technology Select Sector ETF (XLK) dropping 3.7% while the Philadelphia Semiconductor Index slipped 4.9% this afternoon. .

In company news, Embark Technology (EMBK) fell 11% on Monday. The company said its Vision Map Fusion autonomous trucking technology performed successfully in about 90% of its runs in snowy conditions during on-road testing this winter in Montana.

Palantir Technologies (PLTR) plunged more than 21%, earlier dropping 23% to a record low of $7.32 per share, after the data analytics firm missed first-quarter Wall Street earnings and that projected revenue for the current quarter also lags analysts’ estimates. The company expects to generate about $470 million in revenue in the second quarter, while Capital IQ consensus was looking for $483.8 million in revenue in the three months ending June 30.

Thoughtworks (TWKS) fell 5.5%, returning an early morning lead of nearly 4% that followed the tech consultancy which reported first-quarter results that beat Wall Street estimates and projected second-quarter revenue. quarter above the consensus call from Wall Street. The company also raised its 2022 earnings forecast to a new range of $0.51 to $0.53 per share, from $0.50 to $0.52 per share previously and relative to analysts’ average of $0.52 per share.

Clarivate (CLVT) fell 1% after the data analytics firm on Monday reported a nearly 55% increase in first-quarter revenue from year-ago levels to $662.2 million, just behind the analyst average of $662.8 million.

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