Technology Sector Update for 08/16/2022: LITE,ACLS,ESLT

Technology stocks were declining on Tuesday, with the SPDR Technology Select Sector ETF (XLK) falling 0.3% and the Philadelphia Semiconductor Index sliding 0.7% this afternoon.

In company news, Lumentum (LITE) fell 6.1% after The optical networking products company Tuesday issued a downbeat profit outlook for its fiscal Q1, projecting adjusted net income in a range of $1.45 to $1.70 per share compared with the Capital IQ consensus expecting Lumentum to earn $1.81 per share during the current quarter ending in October, excluding one-time items.

Axcelis Technologies (ACLS) retreated 5% after a regulatory filing overnight showed chief financial officer Keven Brewer late last week sold 9,461 shares of the semiconductor equipment company’s shares at $75.00 to $76.31 each and generating $712,878 in gross proceeds. Following the August 15 transactions, Brewer directly owns 54,786 shares, including 38,378 restricted stock units.

Elbit Systems (ESLT) slid 4.1% after the Israeli avionics company reported non-GAAP Q2 net income of $1.73 per share, down from $2.11 per share during the same quarter last year and trailing the single-analyst estimate expecting a $2.09 per share adjusted profit. Revenue was flat at $1.30 billion, also trailing the $1.34 billion analyst’s call.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

https://www.nasdaq.com/articles/technology-sector-update-for-08-16-2022%3A-liteaclseslt