Sector Update: Tech Stocks Rise on Friday

Last Updated: Friday, May 20, 2022 4:09 PM | MT Newswires

Technology stocks closed higher on Friday, with the SPDR Technology Select Sector ETF (XLK) rising 0.2% although the Philadelphia Semiconductor Index was dropping 0.3%.

In company news, Kadant (KAI) returned to positive ground this afternoon, rising 2.6%, after the engineered parts company authorized a $50 million stock buyback program.

Applied Materials (AMAT) fell 3.9% after the chipmaking equipment firm late Thursday missed Wall Street fiscal Q2 expectations and forecast non-GAAP Q3 earnings and revenue trailing analyst estimates.

Pure Storage (PSTG) fell 6.8% after a BofA Securities downgrade of the data storage firm to neutral from buy, coupled with a $7 reduction in price target for the stock to $27 a share.

Palo Alto Networks (PANW) rose 9.7% after the firewall- and cloud-security firm posted Q3 results exceeding analyst forecasts and also guided non-GAAP net income for 2022 in a range of $7.43 and $7.46 per share, excluding one-time items, on $5.48 billion to $5.50 billion in revenue. Analysts are looking for $7.29 per share adjusted profit on $5.47 billion in revenue.

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