Sector Update: Tech Stocks Deflating Ahead of Friday Close

Last Updated: Wednesday, January 26, 2022 3:57 PM | MT Newswires

Technology stocks were little changed, giving back most of their earlier surge and with the SPDR Technology Select Sector ETF (XLK) rising 0.3% while the Philadelphia Semiconductor Index was advancing 1.1% this afternoon.

In company news, F5 (FFIV) fell 8% after the cloud-security company blamed supply-chain constraints for paring the revenue forecasts for its current Q2 and FY21 ending Sept. 30, upstaging better-than-expected results for its recently completed Q1. F5 now is projecting between $610 million to $650 million in Q2 revenue, straddling Wall Street estimates, and sees FY22 revenue increasing 4.5% to 8%, down from its prior guidance range looking for 8% to 9% year-over-year growth.

To the upside, Microsoft (MSFT) rose 2.5% after the tech giant reported a $2.48 per share profit for its fiscal Q2 ended Dec. 31, up from $2.03 per share during the same quarter last year and beating the Capital IQ consensus by $0.16 per share. Revenue grew 20% over year-ago levels to $51.73 billion, also topping the $50.79 billion analyst mean.

Corning (GLW) climbed almost 11% after the display technologies company reported Q4 results exceeding analysts' expectations. It is projecting revenue this year will increase to around $15 billion, up more than 6% over FY21 levels and topping the $14.66 billion Street view.

Honeywell International (HON) was 1% higher after saying it invested an undisclosed amount in emergency response data platform RapidSOS. The deal includes RapidSOS linking with Honeywell's connected life safety system and allowing the transmission of emergency data, including the location inside the impacted building to emergency response centers.

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