Technology Sector Update for 07/22/2021: VERI, TXN, NTGR

Technology stocks were advancing Thursday, with the SPDR Technology Select Sector ETF rising 0.5% although the Philadelphia Semiconductor Index was falling 1.1% this afternoon.

In company news, Veritone (VERI) rose 5.9% after the artificial intelligence computing firm Thursday announced its purchase of intelligent hiring services company PandoLogic for $85 million in cash and stock, plus up to $65 million in additional compensation based on FY21 and FY22 performance earnouts. Veritone said it expects the deal will immediately add to earnings after closing later this summer.

Texas Instruments (TXN) declined 4.8% after the chipmaker disappointed some investors with its conservative Q3 forecast, straddling Wall Street estimates and upstaging better-than-expected earnings and revenue for its Q2 ended June 30.

Netgear (NTGR) slid over 10% after the internet router company reported non-GAAP earnings of $0.66 per share, improving on a $0.54 per share adjusted profit during the year-ago quarter but still lagging the Capital IQ consensus by $0.05 per share. It also is projecting Q3 revenue in a range of $285 million to $300 million, also trailing the $346.4 million analyst mean.

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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