Technology stocks extended their Wednesday declines, with the SPDR Technology Select Sector ETF (XLK) falling 2.8% and the Philadelphia Semiconductor Index dropping 2.4% in afternoon trading, reversing a midday advance.
In company news, Cirrus Logic (CRUS) climbed 4.6% after the chipmaker exceeded Wall Street expectations with its fiscal Q2 results, earning $1.99 per share for the three months ended Sept. 24 and topping the Capital IQ consensus by $0.54 per share. Revenue grew to $540.6 million from $465.9 million during the year-ago period, also beating the $466.2 million analyst mean.
Super Micro Computer (SMCI) jumped more than 12% higher after reporting better-than-expected fiscal Q1 results and raising its revenue forecast for fiscal year 2023. Excluding one-time items, it earned $3.42 per share during the three months ended Sept. 30, up from $0.58 during the year-ago quarter and breezing past the Capital IQ consensus for $2.82 per share.
To the downside, ACI Worldwide (ACIW) fell nearly 18% after reporting non-GAAP Q3 net income of $0.11 per share, down from $0.31 per share during the same quarter last year and trailing the Capital IQ by $0.11 per share. Q3 revenue for the software firm similarly missed analyst estimates and the company also trimmed both sides of its 2022 revenue forecast by $10 million “to account for FX fluctuations.”
Entegris (ENTG) was down by over 21% after reporting adjusted Q3 earnings of $0.85 per share, down from $0.92 per share a year ago. Analysts polled by Capital IQ expected $1 per share.
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