Sector Update: Tech Stocks Rise as Chipmakers Shine

Last Updated: Thursday, July 29, 2021 3:56 PM | MT Newswires

Technology stocks were finishing moderately higher, with the SPDR Technology Select Sector ETF (XLK) Thursday rising 0.5% although the Philadelphia Semiconductor Index was pushing out to a 1.7% gain this afternoon.

In company news, Facebook (FB) slid 3.9% after late Wednesday warning it expects sequential Q3 and Q4 revenue growth will "decelerate significantly" from year-ago levels as the social network giant goes up against its periods of "increasingly strong growth" during the comparable second half of 2020. The company also sees its total expenses this year climbing to as much as $73 billion.

Among gainers, MaxLinear (MXL) climbed over 12% after late Wednesday reporting non-GAAP Q2 net income of $0.53 per share, improving on a $0.09 per share adjusted profit during the same quarter in 2020 and beating the Capital IQ by $0.03 per share. Revenue for the electronics manufacturer surged year-over-year to $205.4 million from $65.2 million, also topping the $204.8 million Street view.

Perficient (PRFT) rose 9.3% after the digital consulting company reported non-GAAP Q2 net income of $0.84 per share, up from $0.57 per share during the year-ago period, while revenue increased year-over-year to $184.1 million from $146.3 million. Analysts, on average, had been expecting Perficient to earn $0.79 per share, excluding one-time items, on $176.2 million in revenue during the three months ended June 30. It sees non-GAAP Q3 earnings in a range of $0.83 to $0.86 per share.

United Microelectronics (UMC) added 7.2% after the semiconductor wafer foundry company Thursday received a pair of analyst upgrades, with Citigroup raising its investment recommendation to buy from neutral while JPMorgan boosted its rating for the stock to overweight from neutral previously.

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