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Technology Sector Update for 04/20/2021: XRX,VLDR,CRWD,IBM

Technology stocks were near session lows as the closing bell approached Tuesday, with the SPDR Technology Select Sector ETF Tuesday sliding 1% while the Philadelphia Semiconductor Index was off 1.5%.

In company news, Xerox (XRX) shares fell 6% after the imaging company reported a non-GAAP Q1 profit of $0.22 per share, improving on adjusted earnings of $0.21 per share during the same quarter last year but still lagging the Capital IQ consensus by $0.08 per share. Revenue also declined 8.1% from year-ago levels to $1.71 billion.

CrowdStrike Holdings (CRWD) shares dropped 2.8% after Berenberg Bank Tuesday began coverage of the workplace cybersecurity provider with a buy rating and a $260 price target.

Velodyne (VLDR) slid 2.2%. The company said Tuesday it received a multi-year contract to provide three-dimensional lidar sensors for self-driving short-haul delivery vans produced by Gatik. Financial terms were not disclosed.

Among gainers, IBM (IBM) rose 3.8% after disclosing plans to work with privately held IPwe to transform its patented technology and other digital assets into non-fungible tokens secured by the IBM blockchain network.

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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