Technology Sector Update for 07/15/2020: INFY, ANY, ASML, XLK, SOXX

Technology stocks were advancing pre-bell Wednesday as the Technology Select Sector SPDR ETF (XLK) was 0.61% higher and the Semiconductor Sector Index Fund (SOXX) was recently up 0.55%.

Infosys (INFY) was gaining more than 11% in value after reporting fiscal Q1 earnings of INR9.97 ($0.13) per share that climbed from INR8.82 a year ago. That beat the Street estimate of INR9.20 provided by Capital IQ. Revenue rose to INR236.65 billion ($3.15 billion) from INR218.03 billion in Q1 of fiscal 2020, also ahead of analysts' estimate of INR227.43.

Sphere 3D (ANY) was up over 17% amid a deal to acquire all of the outstanding securities of Rainmaker Worldwide Inc., a water-as-a-service provider. Under the deal terms, shareholders of Rainmaker will receive 0.33 of a Sphere 3D share for each whole share, and one-third of a warrant or option for each whole warrant or option they hold. Rainmaker shareholders are expected to own about 80% of the combined company.

ASML Holding NV (ASML) was down more than 2% after it reported Q2 EPS of EUR1.79 ($2.05), higher than EUR1.13 in Q2 2019. Analysts polled by Capital IQ had expected EPS of EUR2.06.

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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