Sector Update: Tech Stocks Helping Lead Tuesday Markets Recovery

Last Updated: Tuesday, May 17, 2022 3:55 PM | MT Newswires

Technology stocks were finishing Tuesday near their intra-day highs, with the SPDR Technology Select Sector ETF (XLK) rising 2.9% while the Philadelphia Semiconductor Index was gaining 5.0% this afternoon.

In company news, Microvast Holdings (MVST) added 19% after the battery technology company nearly halved its Q1 net loss compared with the same quarter in 2021, posting a $0.15 per share loss, while revenue increased 146% year-over-year to $36.7 million. It also reiterated its forecast expecting revenue this year to grow between 35% to 45% from FY21 levels, straddling the single-analyst estimate expecting a nearly 39% increase.

Sea Ltd (SE) surged 14% after the digital entertainment company reported a smaller Q1 net loss than analysts expected and revenue also beating the Wall Street consensus. Excluding one-time items, Sea delivered a non-GAAP net loss of $0.80 per share while revenue increased 65% year-over-year to $2.90 billion compared with the Capital IQ consensus looking for a $1.22 per share adjusted loss on $2.86 billion in revenue.

Take-Two Interactive Software (TTWO) rose 12% after reporting above-consensus results for its fiscal Q4 ended March 31 and also projecting net income and revenue for the current quarter topping analyst estimates. For Q1, the gaming company expects to earn between $0.80 to $0.90 per share with a revenue range of $810 million to $860 million. Analysts were at $0.54 per share and $745 million, respectively.

On the losing side, Maxar Technologies (MAXR) slid 2.2% after a BofA Securities downgrade of the earth imagery and geostatial data company to underperform from neutral, coupled with an $11 reduction in its price target for the stock to $25 a share.

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