Technology sector

Technology Sector Update for 1/18/2022: MTTR, PLXS, MSFT, ATVI, CYBR

JTech stocks added to their midday declines, with the SPDR Technology Select Sector ETF (XLK) on Tuesday down 2.3% this afternoon while the Philadelphia semiconductor index fell 4.1% this afternoon.

In corporate news, Matterport (MTTR) fell 3.5%, reversing an early morning lead, after the software company said it issued about 9.1 million of its common shares between Dec. 15 and Dec. January 14 after investors exercised warrants at $11.50 per share, generating approximately $104.3 million in gross proceeds.

Plexus (PLXS) fell 8% after the electronics subcontractor said on Tuesday it would miss its first-quarter fiscal guidance due to supply chain issues that accelerated over the the last weeks of the quarter. Plexus now expects net profit for the three months ended Dec. 31 to be in the range of $0.80 to $0.84 per share, down from its previous outlook which expected $1.01 to 1, $17 per share and lagging Capital IQ’s consensus call that expects first-quarter earnings of $1.07 per share. . It also forecast first-quarter revenue between $815 million and $820 million compared to its previous forecast of $825 million to $865 million. The street was at $845.2 million.

Microsoft (MSFT) fell 2.3% after the tech giant announced a $68.7 million cash buyout of interactive entertainment company Activision Blizzard (ATVI). The deal, which would make Microsoft the world’s third-largest games company by revenue, values ​​Activision at $95 per share, more than 45% above its last closing price. Activision shares are up more than 25% this afternoon.

CyberArk Software (CYBR) fell 1.7% after Morgan Stanley cut its price target for the cybersecurity company by $24 to $186, but retained its overweight rating for the stock.

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