Sector Update: Tech Stocks Maintaining Small Advance This Afternoon

Last Updated: Wednesday, June 29, 2022 4:01 PM | MT Newswires

Technology stocks were hanging on again for narrow gains, with the SPDR Technology Select Sector ETF (XLK) rising 0.1%, and the Philadelphia Semiconductor Index sliding almost 2.5% this afternoon.

In company news, Elbit Systems (ESLT) climbed 4.1% after the Israeli avionics company Wednesday said it received a 15-month contract valued at around $220 million to supply an unnamed country in the Asia-Pacific region with its laser-guided Lizard precision guidance system for general-purpose airborne warheads.

LiveOne (LVO) also climbed 4.1% after the digital media company nearly halved its fiscal Q4 net loss compared with year-ago levels, reporting an $0.11 per share loss for the three months ended March 31 as revenue grew 11.4% year-over-year to $23.4 million, also topping analyst estimates looking for a $0.12 per share net loss on $20.4 million in Q4 revenue.

Among decliners, Viasat (VSAT) fell 3% after Wednesday saying co-founder and executive board chairman Mark Dankberg would return as CEO at the satellite services company on July 1, succeeding incumbent chief executive Rick Baldridge, who will become vice chairman of the Viasat board. Dankberg previously had been CEO since its 1986 launch through November 2020.

Progress Software (PRGS) dropped 5.4% after overnight projecting net income and revenue for its current quarter lagging Wall Street expectations, upstaging better-than-expected Q2 results by the enterprise software firm. Excluding one-time items, it is expecting to earn $0.96 to $0.98 per share during the three months ending August 31 on between $147 million to $150 million in revenue. Analysts, on average, are looking for non-GAAP net income of $1.10 per share on $160.9 million in revenue.

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