Sector Update: Tech Stocks Back Near Even as Bond Yields Moderate, Making Sector More Attractive

Last Updated: Friday, September 30, 2022 1:33 PM | MT Newswires

Technology stocks were edging lower on Friday, with the SPDR Technology Select Sector ETF (XLK) falling 0.4% and the Philadelphia Semiconductor Index slipping less than 0.1% this afternoon.

In company news, GigaCloud Technology (GCT) declined 11% after the Chinese B2B e-commerce platform reported a more than 65% drop in Q2 net income compared with year-ago levels, falling to $0.15 per share, despite a nearly 11% year-over-year increase in revenue during the three months ended June 30 to $124 million.

TTM Technologies (TTMI) rose 1.4% after the electronic components manufacturer Friday named privately held RFMW as a new distributor for its radio frequency components and semiconductors. Financial terms of the new agreement, which also includes opportunities for research and development and technical sales support, were not disclosed.

IonQ (IONQ) jumped out to a more than 12% gain after Friday announcing a $13.4 million contract to provide trapped-ion systems and other hardware for quantum computing research and development to the US Air Force Research Lab. IonQ also reaffirmed its in-line guidance for Q3 and FY22 revenue.

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