Sector Update: Tech Stocks Leading Wednesday Market Recovery

Last Updated: Wednesday, January 26, 2022 1:32 PM | MT Newswires

Technology stocks were surging Wednesday, with the SPDR Technology Select Sector ETF (XLK) rising 3.2% while the Philadelphia Semiconductor Index was advancing 4.7% this afternoon.

In company news, Corning (GLW) climbed over 13% after the display technologies company reported Q4 results exceeding analysts' expectations. It is projecting revenue this year will increase to around $15 billion, up more than 6% over FY21 levels and topping the $14.66 billion Street view.

Microsoft (MSFT) rose 5.2% after the tech giant reported a $2.48 per share profit for its fiscal Q2 ended Dec. 31, up from $2.03 per share during the same quarter last year and beating the Capital IQ consensus by $0.16 per share. Revenue grew 20% over year-ago levels to $51.73 billion, also topping the $50.79 billion analyst mean.

Honeywell International (HON) was 0.6% higher after saying it invested an undisclosed amount in emergency response data platform RapidSOS. The deal includes RapidSOS linking with Honeywell's connected life safety system and allowing the transmission of emergency data, including the location inside the impacted building to emergency response centers.

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