Sector Update: Tech Stocks Fall After Early Gains Erode

Last Updated: Thursday, August 11, 2022 3:49 PM | MT Newswires

Technology stocks were drifting lower, with the SPDR Technology Select Sector ETF (XLK) Thursday falling 0.3% while the Philadelphia Semiconductor Index was declining 0.2% this afternoon.

In company news, NV5 Global (NVEE) rose 2.6% after the technology consulting company said it has received two new contracts worth a combined $13 million from the University of California and the US Geological Survey to support wildfire studies and mitigation efforts in California.

Enovix (ENVX) climbed nearly 32% after late Wednesday announcing a follow-on contract to build and test custom lithium-ion cells for use in wearable batteries carried by soldiers in the US Army. Separately, Enovix overnight reported a $0.13 per share adjusted net loss on $5.1 million in revenue during its Q2 ended July 3, beating Wall Street estimates looking for a $0.17 per share loss on $320,000 in revenue.

VIZIO (VZIO) gained 18% after the home entertainment equipment company reported a surprise Q2 profit of $0.01 per share, reversing an $0.08 per share net loss during the year-ago quarter and topping the Capital IQ consensus looking for a $0.02 per share net loss. Revenue increased 1.9% to $408.9 million, also exceeding the $407.2 million analyst estimate.

Alpha and Omega Semiconductor (AOSL) rose 8% after the chipmaker reported a $0.95 per share profit for its fiscal Q4 ended June 30, unchanged from year-ago levels but exceeding the analyst consensus by $0.09 per share. Revenue grew 9.4% year-over-year to $194 million, also beating the $190 million Street view.

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