Sector Update: Tech Stocks Ending Near Intra-Day Lows

Last Updated: Tuesday, December 6, 2022 3:58 PM | MT Newswires

Technology stocks still were losing more ground Tuesday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 2.5% and the Philadelphia Semiconductor Index sliding 2.8%.

In company news, Axon Enterprise (AXON) slid 8.1% after the non-lethal weapons company overnight disclosed plans for a $500 million private placement of convertible senior notes maturing in December 2027. Specific terms of the notes, including the interest rate and the initial conversion rate, will be determined when the deal prices, the company said.

American Superconductor (AMSC) was falling 3.4% after the specialty chipmaker said it received an order to provide a high-temperature superconductor-based ship protection system for Huntington Ingalls' (HII) shipbuilding unit.

KVH Industries (KVHI) dropped 6.4% after the networking equipment company reported Q3 revenue of $35.2 million during the three months ended Sept. 30, above $34.4 million last year but still trailing the consensus on Capital IQ for $37.4 million.

GitLab (GTLB) added 9.8%, a day after the software development company reported a non-GAAP Q3 net loss of $0.10 per share, improving on a $0.34-per-share loss last year and beating the consensus on Capital IQ a $0.15 per-share adjusted loss. Revenue for the three months ended Oct. 31 of $113 million also exceeded Wall Street forecasts and the company raised its fiscal 2023 outlook above analyst estimates.

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