Technology sector

Technology Sector Update for 5/19/2022: TWTR, CSCO, KD, NTAP, GDS

JTech stocks were down on Thursday, with the SPDR Technology Select Sector ETF (XLK) dropping 0.8% late in the session while the Philadelphia semiconductor index gained 0.6% this afternoon.

In corporate news, Twitter (TWTR) was up 1.8% shortly before Thursday’s closing bell, rebounding from an early morning decline of nearly 2% that came after Twitter executives reportedly told employees that they had no intention of renegotiating the sale price, adding that there is no such thing as putting a deal “on hold”.

Kyndryl (KD) rose 5.7% after IT services company and cloud storage company NetApp (NTAP) on Thursday announced a global alliance that the companies say will help customers better manage and extract data. information from unstructured data sources. They will also co-design advanced storage infrastructure-as-a-service products, the companies said. NetApp shares were 3.4 lower.

GDS Holdings (GDS) soared nearly 15% after Truish Securities raised its price target for the Singapore-based data center company from $10 to $85 and reiterated its buy rating for the stock .

Cisco Systems (CSCO) fell nearly 14% after the networking equipment company overnight cut its profit and revenue forecast for FY22, topping better-than-expected fiscal third quarter results . The company now expects adjusted net earnings this year to be in the range of $3.29 to $3.37 per share on revenue growth of 2% to 3%, down from its earlier guidance of $3.41. at $3.46 per share and an increase in sales of 5.5% to 6%. The Street is at $3.44 per share on revenue of $52.8 million, up 2.8% from year-ago levels.

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