Sector Update: Tech Stocks Rebound From Selloff Earlier This Week

Last Updated: Friday, May 14, 2021 4:01 PM | MT Newswires

Technology stocks were finishing near their Friday session highs, with the SPDR Technology Select Sector ETF Friday rising 2.3% while the Philadelphia Semiconductor Index was advancing 3.1% this afternoon.

In company news, Poly (PLT) dropped over 21% after Friday projecting non-GAAP net income and revenue for its current Q1 lagging Wall Street estimates, upstaging better-than-expected Q4 results for the audio and video technology company. The company will begin trading under the POLY ticker symbol on May 24.

Luminar Technologies (LAZR) rose over 12% after the vehicle sensors and software company reported a 35.9% revenue increase compared with year-ago levels, rising to $5.3 million and topping the Capital IQ consensus expecting $4.8 million for the three months ended March 31.

Among gainers, Snowflake (SNOW) climbed nearly 12% after Goldman Sachs raised its investment recommendation for the data analytics company to buy from neutral and increased its price target by $5 to $275 apiece.

Globant (GLOB) was 5.2% higher after the software company reported better-than-expected Q1 financial results and projected Q2 and FY21 earnings and revenue also exceeding Wall Street forecasts, prompting a Citigroup upgrade and an increase in Piper Sandler's price target.

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