Sector Update: Tech Stocks Finishing Well Above Intra-Day Lows

Last Updated: Tuesday, November 23, 2021 3:56 PM | MT Newswires

Technology stocks pared a large slice of their prior Tuesday declines, with the SPDR Technology Select Sector ETF (XLK) slipping 0.4% in late trade although the Philadelphia Semiconductor Index still was falling 0.7% this afternoon.

In company news, BlackBerry (BB) was 0.3% higher late in Tuesday trading, erasing a nearly 2% midday decline, after saying it has begun the third phase of its joint accelerator program with privately held software-as-a-service company L-SPARK aiming to support connected vehicle services among Canadian technology companies and providing selected companies with access to BlackBerry's Intelligent Vehicle Data Platform.

Western Digital (WDC) climbed 6.5% after Mizuho Securities raised its investment recommendation for the data storage hardware producer to buy from neutral and also increased its price target for the company's shares by $20 to $75 each.

Dycom Industries (DY) rose more than 19% after the cabling and telecom infrastructure firm reported non-GAAP net income of $0.95 per share, down from $1.06 per share during the same quarter last year but still beating the Capital IQ consensus by $0.28 per share. Revenue increased 10.6% year-over-year to $854 million, also exceeding the $815.9 million analyst mean.

To the downside, Zoom Video Communications (ZM) tumbled nearly 15% to an 18-month low after late Monday raising its 2022 earnings forecast although the improved outlook still wasn't enough to meet Wall Street expectations. The video-conferencing company is projecting non-GAAP FY22 net income in a range of $4.84 to $4.85 per share, up from its prior view expecting between $4.75 to $4.79 per share for the 12 months ending Jan. 31 but still lagging the Capital IQ consensus looking for a $4.88 per share adjusted profit.

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