Tech stocks rose sharply on Friday, with the Tech Select Sector SPDR Fund (XLK) up about 2.5% and the Philadelphia Semiconductor Index up 2.7% this afternoon.
In company news, shares of Astronics (ATRO ) jumped nearly 42% after the aerospace and defense technology company said it expects fourth-quarter sales of between $155 million and $160 million, topping its previous forecast The three-product sales forecast of $140 million to $150 million for the months ended Dec. 31 topped the $144.1 million average estimate of two analysts.
Alphabet (GOOG, GOOGL) shares jumped 45.7% after the tech conglomerate disclosed plans to cut about 12,000 jobs, with CEO Sundar Pichai reportedly telling employees that the 6% layoff was necessary because hiring more was “for Economic realities different from what we face” face today. “
Ericsson (ERIC) shares fell 4.4% after the handset maker reported fourth-quarter net income of 1.82 Swedish kronor ($0.12) per share, down from 3.02 Swedish kronor a year earlier and missing Capital IQ estimates. Earnings were at consensus SEK 1.98 per share for the three months ended Dec. 31. They also warned that customers could “deplete assets” to counter near-term macroeconomic headwinds and adjust inventories as near-term supply chain difficulties are resolved.
FARO Technologies (FARO) tumbled nearly 21% after the software company priced a $60 million private placement of 5.5% senior convertible notes due 2028. The notes have an initial conversion price of $42.36 per share, or 23.6072 notes for every $1,000 principal amount.
The views and opinions expressed here are those of the authors and do not necessarily reflect those of Nasdaq Corporation.