Sector Update: Tech Stocks Closing with Steep Declines

Last Updated: Wednesday, May 18, 2022 3:58 PM | MT Newswires

Technology stocks were sharply lower on Wednesday, with the SPDR Technology Select Sector ETF (XLK) falling 4.4% while the Philadelphia Semiconductor Index was sliding 4.8% this afternoon.

In company news, Extreme Networks (EXTR) dropped 1.7%, with the networking equipment company unable to sustain its morning advance that followed it adding $200 million to its existing stock buyback authorization that had about $10 million remaining. The new stock buyback program will expire at the end of June of 2025.

Analog Devices (ADI) was falling 2.4%, reversing an early 1.3% gain, after the chipmaker reported above-consensus results for its fiscal Q2 ended April 30 and projected non-GAAP net income and revenue for the current quarter exceeding Wall Street expectations.

QuickLogic (QUIK) slid 5% after the smartphone chipmaker reported a Q1 non-GAAP loss of $0.06 per share, halving its $0.12 per share loss during the year-ago period and compared with the three-analyst consensus expecting a loss of $0.07 per share. Revenue increased more than 86% year-over-year to $4.1 million.

Eltk (ELTK) added 9.5% after the Israeli circuits boards manufacturer Wednesday reported a Q1 net profit of $0.11 per share, up from $0.04 per share during the same quarter last year while revenue grew 36% over year-ago levels to $9.8 million.

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