Sector Update: Tech Stocks Catching Up with Broader Markets Near Wednesday Close

Last Updated: Wednesday, September 28, 2022 3:56 PM | MT Newswires

Technology stocks added to their Wednesday advance this afternoon, with the SPDR Technology Select Sector ETF (XLK) rising 1.2% and the Philadelphia Semiconductor Index gaining 1.4% in late trade.

In company news, HashiCorp (HCP) advanced over 10% after the cloud infrastructure software firm said former Citrix (CTXS) CEO David Henshall has joined the HashiCorp board of directors and was named to the board's nominating, corporate governance and audit committees. Henshall stepped down from Citrix in October 2021, or about three months ahead of the company agreeing to a $16.5 billion private-equity buyout offer from Vista Equity Partners and Evergreen Coast Capital that is expected to close later this week.

Intel (INTC) was hanging on for a 1.2% gain after Wednesday launching a new tool kit and services to support developers working on artificial intelligence, security and quantum computing projects.

Cognyte Software (CGNT) rose 8% after the investigative analytics software firm Wednesday reported a non-GAAP loss of $0.04 per share in Q2, reversing a $0.17 per share adjusted profit during the same quarter last year but still beating the Capital IQ consensus looking for a $0.17 per share loss.

Among decliners, BlackBerry (BB) fell 1.1% after the software firm said revenue for its fiscal Q2 ended August 31 slid 4% from year-ago levels to $168 million, although that still beat the analyst consensus looking for $165.8 million in Q2 revenue.

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