Technology stocks backed away from their prior gains Tuesday afternoon, with the SPDR Technology Select Sector ETF (XLK) rising 1.5% and the Philadelphia Semiconductor Index gaining 3.3%.
In company news, ADDvantage Technologies Group (AEY) was slipping 4.3% to reverse an early 8.5% gain, after the telecommunications hardware company reported a best-ever Q3 profit of $0.11 per share, more than doubling its net income of $0.05 per share during the year-ago period, while revenue grew 31% year-over-year to $25.9 million during the three months ended Sept. 30. Analyst estimates were not available.
Taiwan Semiconductor Manufacturing (TSM) rallied Tuesday, rising more than 11%, after Berkshire Hathaway (BRK.A, BRK-B) overnight disclosed acquiring around 60.1 million of the chipmaker’s American depositary shares through Sept. 30, paying $4.12 billion for the 1.2% equity stake.
Among gainers, UiPath (PATH) climbed 12% after the software firm overnight announced preliminary Q3 results exceeding its prior guidance for the three months ended Oct. 31 and also topping analyst estimates. Excluding one-time items, it expects operating income of $15 million during Q3 on $260 million in revenue compared with the analyst mean looking for a non-GAAP Q3 net loss of $18.7 million on $248 million in revenue.
Endava (DAVA) rose nearly 15% after the technology services firm Tuesday beat analyst estimates with its fiscal Q1 results and also raised its FY23 earnings and revenue forecast ranges above Wall Street expectations. Excluding one-time items, it earned 0.54 British pounds ($0.64) per share during the quarter ended Sept. 30 while revenue increased 33% year-over-year to 196.2 million pounds compared with the Capital IQ consensus expecting a 0.51 per share adjusted profit on 192.4 million pounds in revenue.
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