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Sector Update: Tech Stock Retreating in Late Trade

· 02/05/2021 11:08

03:56 PM EST, 02/05/2021 (MT Newswires) -- Technology stocks turned moderately lower this afternoon, with the SPDR Technology Select Sector ETF Friday slipping 0.4% while the Philadelphia Semiconductor Index was falling 0.7%.

In company news, Snap (SNAP) rose almost 10% after the social media company reported non-GAAP Q4 net income of $0.09 per share, up from $0.03 per share during the final three months of 2019 and topping the Capital IQ consensus expecting a $0.07 per share adjusted profit. Revenue increased 62.5% over year-ago levels to $911.3 million, also exceeding the $855.2 million analyst mean.

Synaptics (SYNA) climbed nearly 18% on Friday to reach a record high share price of $125.86 after the touch displays company reported non-GAAP net income of $2.30 per share during its Q2 ended Dec. 26, up from $2.04 per share during the same quarter in 2019 and beating the Capital IQ consensus expecting $2.13 per share. Revenue fell 8.6% year-over-year to $357.6 million but also topped the $357.15 million analyst mean. It also sees Q3 revenue exceeding Street views.

Teradata (TDC) sprinted as much as 66% higher, touching a 22-month high of $44.90 a share, after reporting better-than-expected Q4 results and also projecting adjusted net income for the current quarter exceeding Wall Street forecasts. Excluding one-time items, the cloud analytics company earned $0.38 per share on $491 million in revenue during the final three months of 2020, beating the Capital IQ consensus by $0.13 per share and $15 million, respectively.

To the downside, Allegro MicroSystems (ALGM) slid 4.8% on Friday after the integrated circuits company priced a secondary offering of 17.5 million common shares previously owned by Japanese chipmaker SanKen Electric Co, One Equity Investors, CEO Ravi Vig and other Allegro executives, at $30.30 each, or 4.3% under Thursday's closing price. The company did not sell any shares in the offering and will not receive any proceeds.