Technology Sector Update for 02/09/2022: MITQ,GDS,SCSC,NEWR
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Technology shares extended their Wednesday increase, with SPDR technology chose Wednesday’s ETF (XLK) sector rose more than 2.1% and the Philadelphia semiconductor index added 3.3% this afternoon.
In the Company’s News, Moving Image Technologies (MITQ) rose by almost 37% after the digital cinema technology firm raised the estimated income of FY22 after an increase in revenue of 113% year-to-year for Fiscal Q2 ended on December 31. The company now projects revenues in the range of $ 14 million to $ 16 million, up from the previous guidelines who expect between $ 12 million to $ 15 million in income for the 12 months ending June 30. Analyst estimates are not available.
GDS Holdings (GDS) rose more than 19% after Morgan Stanley Wednesday raised his investment recommendations for the Chinese data center company for excess weight and also set a $ 60 price target for stock.
ScanSource (SCSC) rose 1.6% on Wednesday after a computer peripheral and the Cybersecurity product company promoted John Eldh’s head income officer to the company’s president after more than two years in his previous post. He succeeded in Mike Baur as president, who would continue as chairman of the Board and CEO.
Among the decliners, new relics (Newr) fell by almost 29% after overnight reported a broader loss of wider than the wider for fiscal Q3 ended December 31 and estimated losses for the current quarter also lost Wall Street. Not including one time item, the US-A-Service software company projects a net loss in the range of $ 0.22 to $ 0.19 for three months ending March 31 compared to the Capital IQ consensus that expects customized losses with $ 0 , 04 per share.
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