Technology stocks trimmed a portion of their Friday declines, with the SPDR Technology Select Sector ETF (XLK) falling 1.4% in late trade although the Philadelphia Semiconductor Index still was sliding 2.8% this afternoon.
In company news, Seagate Technology Holdings (STX) dropped 8.1% after reporting declines in its fiscal Q4 non-GAAP net income and revenue compared with year-ago levels and missing Wall Street expectations. Excluding one-time items, it earned $1.59 per share during the three months ended July 1, down from $2.00 per share during the same quarter last year, while revenue fell 9.3% year-over-year to $2.63 billion. Analysts, on average, had been expecting a $1.89 per share adjusted profit on $2.79 billion in Q4 revenue.
Snap (SNAP) plunged Friday, retesting a more than 39% slide in recent trade to its worst share price since March 2020, after the camera applications company reported a 13% increase in Q2 revenue over year-ago levels, rising to $1.11 billion but still lagging the Capital IQ consensus expecting $1.13 billion for the three months ended June 30. It also declined to offer guidance for its Q3 revenue and other metrics, citing “uncertainties related to the operating environment.”
To the upside, Twitter (TWTR) was nearly 1% higher, reversing a more than 2% morning decline, after the social media company reported a surprise non-GAAP Q2 net loss of $0.08 per share, reversing a $0.20 per share adjusted profit during the year-ago period and missing the Capital IQ consensus expecting it to earn $0.14 per share, excluding one-time items. Revenue fell 0.8% year-over-year to $1.18 billion, also trailing the $1.34 billion analyst mean.
Novanta (NOVT) climbed 9.6% after S&P Dow Jones Indices late Thursday said the photonics company will join the S&P MidCap 400 index with the start of regular-session trading on Tuesday. Novanta will replace theme parks operator Six Flags Entertainment (SIX), which is shifting to the S&P SmallCap 600 index. Six Flags shares were 2.1% higher this afternoon.
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