Sector Update: Tech Stocks Decline Premarket Wednesday
09:09 AM EDT, 05/12/2021 (MT Newswires) -- Technology stocks were declining premarket Wednesday as both the Technology Select Sector SPDR ETF (XLK) and the Semiconductor Sector Index Fund (SOXX) were down more than 1%.
Lumentum Holdings (LITE) reported fiscal Q3 revenue below consensus and also projected fiscal Q4 revenue and adjusted EPS trailing Street expectations. Lumentum was slipping past 10% in recent trading.
Tower Semiconductor (TSEM) was over 6% lower even as it reported Q1 adjusted earnings of $0.31 per share, up from year-ago adjusted earnings of $0.20 per share. The consensus estimate of analysts polled by Capital IQ was for adjusted earnings of $0.31 per share.
Dynatrace (DT) reported fiscal Q4 adjusted earnings of $0.15 per share, up from adjusted earnings of $0.10 per share a year earlier. Analysts polled by Capital IQ projected adjusted EPS of $0.14. Dynatrace was marginally declining.