Workiva Inc WK:NYSE

Last Price$67.82NYSE Closing Price as of 4:10PM ET 6/29/22
NYSE 15-minute delayed Bid/Ask Quotes
Today's Change-0.58(0.85%)
Bid (Size)N/A (N/A)
Ask (Size)$109.44 (1)
Day Low / High$66.69 - 68.79
Volume195.0 K

Sector Update: Tech Stocks Rebound After Fed Chair Lowers Market Tensions Over Interest Rates

3:59PM ET 5/04/2022 MT Newswires
Technology stocks were extending their Wednesday gains after Federal Reserve chairman Jerome Powell said the US central bank "is not actively considering" a 75-basis-point increase in interest rates to fight inflation. At last look, the SPDR Technology Select Sector ETF (XLK) Wednesday was rising 3.3% in late trade, and the Philadelphia Semiconductor Index was ahead 2.5% this afternoon.

In company news, Lumentum Holdings (LITE) increased 8.6% after the photonics and optical products company reported Q3 earnings and revenue topping analyst forecasts and also projected above-consensus results for the current quarter. Excluding one-time items, Lumentum earned 1.19 per share on $395.4 million in revenue during its Q3 ended April 2, compared with the Capital IQ consensus looking for $1.12 per share and $390.2 million, respectively.

Super Micro Computer (SMCI) was over 31% higher, easing only slightly from a best-ever $56.96 a share that followed the servers and data storage company reporting above-consensus results for its fiscal Q3 ended March 31 and projecting non-GAAP net income and revenue for the current quarter also exceeding Wall Street expectations. Excluding one-time items, it earned $1.55 per share on $1.36 billion in revenue compared with the Capital IQ consensus looking for a $1.22 per share adjusted profit on $1.26 billion in Q3 revenue.

Littelfuse (LFUS) added almost 11% after the electronic components company said it earned $4.99 per share during its Q1 ended April 2, excluding one-time items, improving on a $2.67 per share adjusted profit during the same quarter in 2021, and beating the Capital IQ consensus expecting $3.24 per share. Revenue increased 34.4% year-over-year to $623.3 million, also topping the $573.7 million analysts mean.

To the downside, Workiva (WK) slumped 6.6% after the workplace collaboration platform company projected a wider non-GAAP net loss for its current Q2 than analysts were expecting and also guided Q2 revenue below Wall Street forecasts. Excluding one-time items, the company is expecting a Q2 net loss in the range of $0.25 to $0.27 per share on between $125.5 million to $126.5 million in revenue. Analysts, on average, are looking for a $0.20 per share adjusted loss on $127.7 million in revenue.