Technology Sector Update for 03/01/2023: NOVT,PWSC,WB,DWAC,ONEX.TO

Technology stocks lost more ground this afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 0.9% and the Philadelphia Semiconductor Index was sliding 0.2% this afternoon, reversing a midday advance.

In company news, Novanta (NOVT) slumped 9.6% after the photonics and precision motion components company forecast adjusted net income and revenue for its current Q1 lagging analyst estimates and also guiding its non-GAAP earnings during 2023 below Wall Street expectations.

PowerSchool Holdings (PWSC) declined almost 14% after the educational software firm disclosed plans for a secondary offering of 8.7 million shares now held by private-equity investors Onex (ONEX.TO) and Vista Equity Partners as well as PowerSchool CEO Hardeep Gulati.

Weibo (WB) slid 8.1% after the Chinese social media company reported a fall in Q4 revenue to $448 million from $616.3 million during the year-ago period, trailing the Capital IQ consensus expecting $459.8 million in revenue for the three months ended Dec. 31.

Digital World Acquisition (DWAC) fell 0.8% after saying it would appeal a Nasdaq delisting order after the blank-check firm failed to pay certain fees. The company, which has proposed merging with former US President Donald Trump's Truth Social social media platform, also said it would pay any outstanding fees needed to regain compliance with Nasdaq rules.

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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