Technology sector

Technology Sector Update for 7/4/2022: CXM,MNTS,HPQ,BRK.A,BRK.B,CDK,BBUC,BBU,BBUC.TO,BBU-UN.TO

JTech stocks returned to positive ground this afternoon, with the SPDR Technology Select Sector ETF (XLK) adding 0.7% while the Philadelphia Semiconductor Index climbed 0.8% this afternoon.

In company news, Sprinklr (CXM) rose more than 21% after the social software company reported a weaker-than-expected adjusted net loss and better than consensus revenue for its fourth quarter ended Wednesday evening. January 31 and projected revenue for the first quarter and fiscal year 23 also exceeding Wall Street estimates. It forecast revenue for the current quarter ending April 30 in the range of $140 million to $142 million and between $607 million and $615 million in fiscal 23 revenue. Analysts are looking into average $136 million and $587.2 million, respectively.

Momentus (MNTS) soared more than 50% after the commercial space company signed multiple launch deals with SpaceX, reserving four additional slots for transport missions beginning in October and continuing through January, April and October 2023.

HP (HPQ) soared nearly 15% after an overnight regulatory filing showed that Warren Buffett, through various subsidiaries and investment vehicles of Berkshire Hathaway (BRK.A, BRK.B ), now owns nearly 121 million shares of the computer maker, or 11.4% equity stake.

CDK Global (CDK) gained more than 11% after the dealer management software company accepted an $8.3 billion private equity buyout from Brookfield Business Partners (BBUC, BBU). CDK shareholders will receive $54.87 in cash for each CDK share, up 12% from Wednesday’s closing price.

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