Sector Update: Tech Stocks Bruised After Micron Tech Revenue Warning

Last Updated: Tuesday, August 9, 2022 3:53 PM | MT Newswires

Technology stocks pared a portion of their midday slump this afternoon, with the SPDR Technology Select Sector ETF (XLK) falling 1%.

The Philadelphia Semiconductor Index was dropping 4.4% after Micron Technology (MU) Tuesday warned revenue for its fiscal Q4 "may come in at or below the low end" of its $6.8 billion to $7.6 billion guidance range. The Street is at $7.23 billion, according to Capital IQ. Micron shares were off 4%.

Qualys (QLYS) gained nearly 12% after reporting improved Q2 results and topping analyst estimates, with the cloud software firm also raising its FY22 earnings and revenue forecasts. Excluding one-time items, the company earned $0.89 per share, up from $0.79 a year ago, while revenue increased 20.2% year-over-year to $119.9 million. Analysts expected $0.79 per share on $117.5 million in revenue.

Nielsen Holdings (NLSN) rose over 21% after it postponed the scheduled court and special meetings of shareholders to allow the finalization of a preliminary agreement between WindAcre Partnership and a group of private equity firms that intend to acquire the company.

Among decliners, Qualcomm (QCOM) was slipping 3.4% amid the broader slump for semiconductors stocks on Tuesday. The mobile chips company and GlobalFoundries (GFS) extended their long-term agreement at least through 2028, more than double their existing semiconductor manufacturing deal.

GlobalFoundries tumbled 5% after the chipmaker reported non-GAAP Q2 net income of $0.58 per share, reversing a $0.06 per share loss during the same quarter last year and beating the Capital IQ consensus by $0.13 per share. Revenue grew nearly 23% to also top the analyst mean. Q3 earnings and revenue forecasts exceeded Wall Street estimates.

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