Sector Update: Tech Stocks Lead Wednesday Markets Reversal

Last Updated: Wednesday, November 30, 2022 4:05 PM | MT Newswires

Technology stocks accelerated Wednesday afternoon, with the SPDR Technology Select Sector ETF (XLK) rising 4.3% and the Philadelphia Semiconductor Index adding over 5.0%.

In company news, Aerojet Rocketdyne (AJRD) closed 4.1% higher following reports the aerospace, rockets and defense contractor is again entertaining potential buyout offers. Among the likely suitors are General Electric (GE), Textron (TXT) and L3Harris Technologies (LHX) as well as private-equity investors Veritas Capital, according to the Financial Post, citing unnamed people familiar with the matter. The Federal Trade Commission in February thwarted a $4.4 billion bid by Lockheed Martin (LMT) to acquire AeroJet.

Workday (WDAY) climbed over 17% after overnight beating Wall Street estimates with its fiscal Q3 results and nudging the bottom end of its forecast range for fiscal 2023 subscription revenue higher. The enterprise cloud applications also plans to buy back up to $500 million of its class A shares over the next 18 months.

To the downside, NetApp (NTAP) tumbled 5.8% after the cloud-services company projected non-GAAP net income and revenue for its current Q3 ending in late January lagging analyst estimates and it also cut its forecast for adjusted fiscal 2023 earnings on both sides of its prior guidance range by $0.10 per share, now expecting between $5.30 to $5.50 per share. Analysts, on average, are looking for a $5.41 per share profit, excluding one-time items.

WiSA (WISA) fell more than 31%, earlier sinking more than 39% to an all-time low of $0.10 a share, after the audio technology company Wednesday priced a $7.6 million public offering of 54 million shares and pre-funded warrants at $0.14 apiece, or 15.2% under its last closing price. Investors also received equal numbers of five-year series A warrants and five-year series B warrants both exercisable at $0.14 per share.

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