Sector Update: Tech Stocks Still Mostly Lower This Afternoon

Last Updated: Wednesday, August 17, 2022 3:50 PM | MT Newswires

Technology stocks trimmed some of their midday losses on Wednesday, with the SPDR Technology Select Sector ETF (XLK) falling 0.6% this afternoon although the Philadelphia Semiconductor Index still was falling 2.3%.

In company news, Rada Electronic Industries (RADA) was 2.8% lower late in Wednesday trading after the defense technologies company reported a surprise Q2 net loss of $0.09 per share, reversing a $0.20 per share profit during the year-ago period and missing the Capital IQ consensus looking for GAAP and adjusted earnings of $0.02 per share. Revenue fell 18.7% to $23 million but managed to top the $22.6 million Street view.

Jack Henry & Associates (JKHY) slid 6.6% after the technology services company issued a FY22 profit forecast trailing analyst estimates. The company is projecting net income this year in a range $5.05 to $5.09 per share compared with the Capital IQ consensus looking for a $5.30 per share profit.

Analog Devices (ADI) fell 4.8% after the chipmaker Wednesday said "economic uncertainty is beginning to impact bookings," upstaging better-than-expected financial results. Excluding one-time items, the company earned $2.52 per share during the three months ended July 30, up from $1.72 per share last year, while revenue rose 77% to $3.11 billion. Analysts polled by Capital IQ had been looking for a $2.43 per share adjusted profit on $3.06 billion in revenue.

WidePoint (WYY) fell 1.1%. The company Wednesday said it received has secured five new commercial contracts with a combined valued of over $360,000 for managed services and IT modernizations.

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