Sector update: rebound in tech stocks, maintaining modest gains
Technology stocks rebounded on Wednesday, with the SPDR Technology Select Sector ETF (XLK) and the Philadelphia Semiconductor Index up 0.5% each before the closing bell.
In company news, Medallia (MDLA) grew more than 10% after the software-as-a-service company reported a 17% increase in first-quarter revenue to 131 , $ 4 million, beating Capital IQ’s consensus of $ 4.1 million, and projected second-quarter and fiscal 22 revenue above Wall Street forecast.
Cornerstone OnDemand (CSOD) rose 6.3% after a regulatory filing showed Clearlake Capital had acquired an additional 1.1 million shares since May 11, taking its stake in the software company to 8.3 %. The hedge fund also said it could push the company to explore strategic alternatives, including a potential merger or other transaction.
Box (BOX) climbed 2.4% after the cloud content management company launched a modified Dutch auction takeover bid for up to $ 500 million of its outstanding Class A common stock at a price between $ 22.75 and $ 25.75.
Orion Energy Systems (OESX) fell more than 10% after projecting revenue of $ 150 million to $ 155 million for fiscal 22, behind analyst consensus in a Capital IQ poll looking for the electronics maker to generate $ 158.5 million in revenue this year.