Sector Update: Tech Stocks Rebound Late Friday, But Chipmakers Under Pressure

Last Updated: Friday, July 1, 2022 4:08 PM | MT Newswires

Technology stocks were edging higher on Friday, reversing midday declines. At last look, the SPDR Technology Select Sector ETF (XLK) was climbing 0.3% although the Philadelphia Semiconductor Index was still plunging 3.6% this afternoon after chipmaker Micron Technology (MU) guided fiscal Q4 sales and earnings below Wall Street estimates because of weakness in PC and smartphone markets.

Micron shares were slipping nearly 3% shortly before Friday's closing bell, with several analysts cutting their price targets for the stock.

In other company news, Sensata Technologies (ST) declined 1.9% after the sensors company Friday announced the sale of its Qinex semiconductor thermal testing and control business to privately held Boyd Corp. for $219 million.

Meta Platforms (META) fell 0.8% following a Reuters report the Facebook parent has cut back on its hiring plans for engineers this year by at least 30% and CEO Mark Zuckerberg reportedly warning Meta employees to prepare for a deep economic downturn.

To the upside, Activision Blizzard (ATVI) was rising 0.9% after the interactive entertainment company announced its purchase of the privately held Proletariat software studio. Financial terms weren't disclosed.

Ping Identity (PING) was 1.2% higher this afternoon after saying Bryan Kristian Nagel will step down as chief operating officer on July 15 to pursue other opportunities, although he will continue with the software-as-a-service company as advisor through the end of September.

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