Sector Update: Tech Stocks Tumble Late in Afternoon Trading

Last Updated: Friday, September 30, 2022 3:55 PM | MT Newswires

Technology stocks continued to lose more ground Friday afternoon, with the SPDR Technology Select Sector ETF (XLK) falling 1.7% and the Philadelphia Semiconductor Index slipping 1.4% this afternoon.

In company news, Bynd Cannasoft Enterprises (BCAN) slid almost 1% after the customer relationship management software firm disclosed plans for a CA$649,500 ($471,500) private placement of 150,000 common shares at CA$4.33 apiece, with the offering limited to investors in Israel only. Net proceeds will be used to fund investor and other public relations as well as certain business marketing costs.

TTM Technologies (TTMI) turned 0.6% lower after the electronic components manufacturer Friday named privately held RFMW as a new distributor for its radio frequency components and semiconductors. Financial terms of the new agreement, which also includes opportunities for research and development and technical sales support, were not disclosed.

GigaCloud Technology (GCT) declined 11.4% after the Chinese B2B e-commerce platform reported a more than 65% drop in Q2 net income compared with year-ago levels, falling to $0.15 per share, despite a nearly 11% year-over-year increase in revenue during the three months ended June 30 to $124 million.

To the upside, IonQ (IONQ) held on for a nearly 7% gain after announcing a $13.4 million contract to provide trapped-ion systems and other hardware for quantum computing research and development to the US Air Force Research Lab. IonQ also reaffirmed its in-line guidance for Q3 and FY22 revenue.

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