Sector Update: Technology Stocks Weighing on Broader Tuesday Markets

Tuesday, May 4, 2021 1:21 PM | MT Newswires

Technology stocks were sharply lower, with the SPDR Technology Select Sector ETF Tuesday slipping 2.6% while the Philadelphia Semiconductor Index was falling 2.6% this afternoon.

In company news, Image Sensing Systems (ISNS) tumbled almost 31% after the highway sensors company reported an year-over-year drop in Q1 revenue to $3 million from $3.2 million, upstaging a swing to a $1.1 million profit during the three months ended March 31 from a $111,000 net loss last year. Analyst estimates were not available.

Maxar Technologies (MAXR) slid over 28% after the space technologies company reported a Q1 net loss of $1.30 per share, expanding on an $0.80 per share loss during the same quarter in 2020 and missing the Capital IQ consensus expecting a $0.13 per share net loss. Revenue fell to $392 million, also lagging the $436.5 million Street view.

Gartner (IT) Tuesday rose more than 13% after reporting adjusted Q1 net income of $2 per share on $1.1 billion in revenue, topping year-ago levels and beating the Capital IQ consensus expecting a $1.05 per share non-GAAP profit on $1.05 billion in revenue. The technology consulting company also raised its FY21 earnings and revenue guidance.

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