Technology stocks have turned narrowly higher in recent trading, with the SPDR Technology Select Sector ETF (XLK) rising 0.1% and the Philadelphia Semiconductor Index gaining 0.7% this afternoon.
In company news, Monday.com (MNDY) gained 4.4% after Monday posting a surprise non-GAAP Q3 profit of $0.05 per share, reversing a $0.26 per share loss during the same quarter last year and beating the Capital IQ consensus expecting the visual work software firm to report an adjusted net loss of $0.54 per share for the three months ended Sept. 30. Revenue grew 65% year-over-year to $136.9 million, also exceeding the $130.5 million analyst mean, and it also raised its FY22 revenue forecast above Wall Street expectations.
Thoughtworks Holding (TWKS) slid 4.9% after Monday missing analyst estimates with its adjusted Q3 earnings and the technology consulting company also lowered its forecast for non-GAAP FY22 net income and revenue below Wall Street expectations. Excluding one-time items, it earned $0.08 per share during the three months ended Sept. 30, down from a $0.14 per share adjusted profit during the same quarter last year and trailing the Capital IQ consensus by $0.03 per share.
Alight (ALIT) fell 14% after the enterprise software firm Monday began a secondary offering of up to 20 million class A common shares now held by affiliates of Blackstone (BX), New Mountain Capital (NMFC), Jasmine Ventures and several other institutional investors.
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