Sector Update: Tech Stocks Lead Markets Recovery This Week

Last Updated: Friday, May 27, 2022 4:13 PM | MT Newswires

Technology stocks were advancing on Friday, with the SPDR Technology Select Sector ETF (XLK) rising 2.9% while the Philadelphia Semiconductor Index was gaining 3.7% in late trading.

In company news, Autodesk (ADSK) was more than 10% higher after the software firm reported a Q1 net income of $1.43 per share compared with a $1.03 per share profit during the year-ago period and beating the Capital IQ consensus by $0.09 per share.

Twitter (TWTR) rose 1.7% after the social media company said Egon Durban will continue as a director on its board after the co-CEO of the private equity firm Silver Lake agreed to cut the number of boards he sits on, according to a regulatory filing.

Marvell Technology (MRVL) rose 6.7% after reporting non-GAAP Q1 earnings of $0.52 per share, up from $0.29 per share during the same quarter in 2021 and topping the Capital IQ consensus call by $0.01 per share.

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