Hey folks, let’s catch up on what’s been happening in the tech sector! So, today we saw a mix of ups and downs in tech stocks. The Technology Select Sector SPDR Fund (XLK) managed to rise by 1.3%, which is pretty impressive. However, the Philadelphia Semiconductor Index didn’t have such a great day, as it went down by 0.7%.
Now, let’s dive into some company news. First up, we have Revvity (RVTY). They just released their fiscal Q3 adjusted earnings, and it looks like they made $1.18 per share. That’s a slight decrease from last year’s $1.21 per share. The analysts were expecting $1.19, so it’s not too far off. Unfortunately, their shares took a hit and slumped by 15%.
On the brighter side, Lumentum (LITE) had some exciting news. They announced that they’re acquiring Cloud Light Technology in a deal worth around $750 million. That’s a pretty big move for them, and it seems like investors were pleased because their shares went up by 11%.
Next, we have Western Digital (WDC). They made a bold decision to split into two separate public companies. One will focus on hard drives, while the other will handle flash businesses. This move seems to have paid off, as their fiscal Q1 revenue didn’t fall as much as the market expected. In fact, their shares jumped up by 7.5%.
Lastly, we have ON Semiconductor (ON). They had a bit of a rough day, with their shares tumbling by 20%. Despite reporting better-than-expected Q3 results, their outlook for Q4 wasn’t too promising. It’s always a bummer when things don’t go as planned.
Well, that’s all for today’s tech stock update. Remember, the views and opinions expressed here are just the author’s and don’t necessarily reflect those of Nasdaq, Inc. Stay tuned for more exciting tech news!
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