Technology Sector Update for 01/17/2024: PI, PLXS, PRGS, XLK, XSD

Technology stocks were leaning lower premarket Wednesday as the Technology Select Sector SPDR Fund (XLK) fell by 0.8% and the SPDR S&P Semiconductor ETF (XSD) was down 0.9% recently.

Impinj (PI) was gaining 13% in value after saying its preliminary Q4 revenue of over $70 million exceeded its guidance of $65.5 million to $68.5 million. Analysts polled by Capital IQ expected $67 million.

Plexus (PLXS) was almost 2% lower after it cut its fiscal Q1 forecast for earnings and sales because of "continued market-driven inventory corrections and incrementally weaker demand" from the healthcare, life sciences, and industrial market sectors.

Progress Software (PRGS) was up more than 3% after it reported fiscal revenue of $177.5 million, up from $159.2 million a year earlier. Analysts surveyed by Capital IQ expected $174.1 million.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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