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Sector Update: Tech Stocks Climbing Above Intra-Day Lows in Late Trade

3:52PM ET 3/25/2022 MT Newswires
Technology stocks pared a portion of their Friday decline, with the SPDR Technology Select Sector ETF (XLK) falling 0.8% while the Philadelphia Semiconductor Index was sliding 1.0% this afternoon.

In company news, Rocket Lab USA (RKLB) declined 7.5% after the space launch company late Thursday cut its fiscal Q1 revenue forecast below analyst estimates after postponing the scheduled launch of its next rocket mission until early next month. The company is now expecting around $40 million in revenue for the three months ending March 31, down from its prior guidance expecting between $42 million to $47 million, after weather issues pushed the first day Rocket Lab can now carry two geospatial payloads into low-Earth orbit for Blacksky Technologies (BSKY) until April 1.

Asana (ASAN) was sinking 11% after the workplace-management software firm overnight filed a preliminary prospectus for the potential sale of an unspecified number of common or preferred shares, warrants to buy additional stock and debt securities sometime in the future. The company also said current investors may sell a portion or all of their shares either separately or as part of a larger offering.

SmartRent (SMRT) fell 12% after the enterprise software firm late Thursday guided Q1 and FY22 revenue under analyst estimates, leading several analysts to trim their price targets for the company's shares. The company overnight also announced its purchase of SightPlan, which has developed a software suite for multifamily real estate managers, for $135 million in cash.

To the upside, Ciena (CIEN) was narrowly higher, rebounding from a 1.2% mid-morning slide, after Rosenblatt began coverage of the networking hardware firm with a buy rating.