Sector Update: Tech Stocks Slip Premarket Tuesday

Last Updated: Tuesday, September 20, 2022 9:11 AM | MT Newswires

Technology stocks were slipping premarket Tuesday. The Technology Select Sector SPDR ETF (XLK) was down 0.7% and the Semiconductor Sector Index Fund (SOXX) lost 0.7%.

Cognex (CGNX) was climbing past 4% after it raised its Q3 revenue outlook to between $195 million and $205 million from its August expectations of $160 million to $180 million. Analysts polled by Capital IQ expected $170.3 million for the quarter.

StarTek (SRT) was over 3% lower after saying CSP Management issued a letter withdrawing its offer to acquire outstanding StarTek shares that it does not already own for $4.65 per share through a going-private transaction.

ON Semiconductor (ON) was marginally declining after saying it approved a plan to wind down one of its divisions within the advanced solutions group segment to streamline operations, improve costs, and help the company focus on strategic areas.

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