Sector Update: Tech Stocks Fall Ahead of Tuesday Close

Last Updated: Tuesday, September 27, 2022 3:54 PM | MT Newswires

Technology stocks were edging lower on Tuesday, with the SPDR Technology Select Sector ETF (XLK) falling 0.2% while the Philadelphia Semiconductor Index was climbing 0.6% this afternoon.

In company news, Splunk (SPLK) was back on positive ground late in Tuesday trading, rising about 0.9%, after the data analytics company said late Monday that Chief Financial Officer Jason Child will step down in early November to take a position at an unnamed semiconductor company. Splunk reaffirmed its fiscal Q3 and full-year guidance.

Jabil (JBL) added 2% after the electronics manufacturer Tuesday reported core Q4 net income of $2.34 per share, improving on a $1.44 per share during the same quarter last year and beating the Capital IQ consensus by $0.20 per share. Revenue increased almost 22% year-over-year to $9.03 billion, also exceeding the $8.40 billion Street view.

To the downside, Oracle (ORCL) was 1.5% lower after Tuesday agreeing to a $15 million fine and returning over $7.9 million in improper sales revenue and interest to settle a US Securities and Exchange Commission probe into allegations the software firm maintained an illegal slush fund to bribe foreign officials and win new business in India, Turkey and the United Arab Emirates. The company did not admit or deny the charges as part of the settlement, the agency said.

Endava (DAVA) fell 2.9% this afternoon, giving back an early 7% advance, after the UK-based technology services company projected net income for its current Q1 trailing Wall Street estimates, upstaging improved Q4 results topping analyst forecasts and also issuing above-consensus FY23 earnings and revenue guidance. Excluding one-time items, the company sees net income for the three months ending Sept. 30 in a range of 0.50 to 0.51 British pounds compared with the analyst mean looking for a 0.55-per-share adjusted Q1 profit.

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