Technology stocks added to their midday declines Monday afternoon, with the SPDR Technology Select Sector ETF (XLK) falling 2.0% and the Philadelphia Semiconductor Index sliding 1.5% this afternoon.
In company news, Snowflake (SNOW) slumped 9.1% after Credit Suisse Monday reduced its price target for the data cloud company’s shares by $50 to $200 although it also reiterated its outperform rating for the stock.
Infosys (INFY) declined 2.2%. The digital services company said it set up a new proximity center in Gothenburg, Sweden, as part of its localization strategy in the Nordic region.
Among gainers, NextPlat (NXPL) was 1.8% higher, rebounding from a recent 2.5% slide, after the ecommerce consulting company said Cecile Munnik began Nov. 14 as its new chief financial officer. Munnik currently is the CFO at OTC-listed Progressive Care (RXMD), joining NextPlat CEO Charles Fernandez in dual roles at the two companies.
Science Applications International (SAIC) closed 4.3% higher after the technology consultants increased its adjusted earnings and revenue forecasts for fiscal 2023 following better-than-expected Q3 results. The company raised the bottom end of its prior profit guidance by $0.05 to a new range of $7.05 to $7.20 per share on around $7.6 billion in revenue this year compared with its previous outlook expecting between $7.5 billion to $7.55 billion. The analyst consensus is looking for non-GAAP net income of $7.08 per share during the 12 months ending Jan. 31 on $7.53 billion in revenue.
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