Sector Update: Tech Stocks Struggle With Afternoon Slump, Dragged Under by Chipmakers

Last Updated: Wednesday, January 19, 2022 3:49 PM | MT Newswires

Technology stocks turned lower this afternoon, with the SPDR Technology Select Sector ETF (XLK) Wednesday dropping 0.8% while the Philadelphia Semiconductor Index was falling 2.5% this afternoon.

In company news, Progress Software (PRGS) slid 5.2% after the enterprise software firm projected non-GAAP earnings and revenue for its current Q1 ending next month and its FY22 ending in November trailing Wall Street expectations. Progress sees Q1 net income in a range of $0.83 to $0.85 per share, excluding one-time items, on between $139 million to $142 million in revenue. The Street is at $0.96 per share and $143.8 million, respectively.

To the upside, Amdocs (DOX) was rising almost 1% this afternoon, overcoming early weakness, after saying Vodafone's (VOD) telecom subsidiary in Turkey selected the software services company to adjust and automate its testing processes over the next three years. Financial terms were not disclosed.

Take-Two Interactive Software (TTWO) added 6.2% after BNP Paribas Exane raised its investment recommendation for the interactive entertainment and games company to outperform from neutral and also increased its price target for the stock by $25 to $215 a share.

Opera (OPRA) climbed over 11% after Wednesday launching the beta version of its Crypto Browser, which includes a built-in non-custodial wallet with its web browser, providing users with "direct, frictionless access to Web3 services." The crypto wallet also supports both fungible ERC-20 and non-fungible standards.

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