Sector Update: Tech Stocks Rebound This Afternoon But Chipmakers Still Under Pressure

Last Updated: Thursday, June 23, 2022 4:04 PM | MT Newswires

Technology stocks rebounded from their midday weakness, with the SPDR Technology Select Sector ETF (XLK) Thursday rising 1.4% although the Philadelphia Semiconductor Index was still down 0.7% this afternoon.

In company news, Lattice Semiconductor (LSCC) was hanging onto a 1.2% gain, rebounding from a midday decline, after the chipmaker late Wednesday said it was moving up to the Russell 1000 Index from the Russell 2000 Index, effective Monday.

Rackspace Technology (RXT) rose 7.6% after Thursday saying it was partnering with VMware (VMW) and providing its Data Center in a Box application for use in VMWare's Secure Access Service Edge platform.

Leidos Holdings (LDOS) was little changed, giving back a 1.5% gain earlier Thursday that followed the US Government Accountability Office late Wednesday reaffirming a defense enclave services contract award from the Defense Information Systems Agency worth as much as $11.5 billion for the IT services company.

Among decliners, Methode Electronics (MEI) slid 3.9% after the components manufacturer reported a 4.1% decline in its Q4 net income to $288.7 million while net income for the three months ended April 30 fell to $0.43 per share compared with an $0.81 per share profit during the same quarter in 2021.

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