Technology

Technology Sector Update for 10/22/2021: SGMA,SCKT,SNAP,CMBM

Technology stocks were moderately lower ahead of market close, with the SPDR Technology Select Sector ETF (XLK) Friday slipping 0.3% while the Philadelphia Semiconductor Index was falling 1.2% this afternoon.

In company news, SigmaTron International (SGMA) slid 3.2% after the electronics manufacturer said 87.3% of the shares cast Friday at the company's special meeting voted in favor of its proposed acquisition of pet technology company Wagz.

Cambium (CMBM) plunged nearly 23% after the broadband networking equipment firm trimmed its fiscal Q3 outlook because of supply-chain constraints, now expecting around $75 million in revenue compared with its prior outlook expecting between $88 million to $92 million in revenue during the September quarter. It also sees those shipping problems extending into the first half of 2022.

Socket Mobile (SCKT) slumped more than 24% after the data capture products company reported a drop in Q3 net income compared with the prior quarter, earning $0.07 per share during the three months ended Sept. 30, down from $0.27 per share during the June quarter. Analyst estimates were not available.

Snap (SNAP) sank almost 27% after warning its advertising business faces "near term challenges" following an Apple (AAPL) iOS update this summer now requiring social media companies to first receive permission before they can track users' browsing activity. The COVID-19 pandemic also continues to negatively affect advertising, with many potential advertisers struggling to keep up with current demand due to supply chain interruptions and labor shortages.

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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