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Technology Sector Update for 12/22/2022: MU, CISO, CRCT

Technology stocks were sharply lower Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) falling 3.9% and the Philadelphia Semiconductor Index declining 5.6%.

In company news, Micron Technology (MU) dropped nearly 5% after the chipmaker overnight reported a non-GAAP net loss for its fiscal Q1 ended Dec. 1, reversing a year-ago profit and missing Capital IQ analysts' expectations. The company also forecast a wider net loss and revenue for the current quarter trailing analyst estimates in addition to announcing plans to trim its workforce by roughly 10% from current levels during 2023 "through a combination of voluntary attrition and personnel reductions."

Cerberus Cyber Sentinel (CISO) fell nearly 2.1% after the company said it plans to rename itself as CISO Global, adding that the new name reflects the company's "growth focused on building a culture of cybersecurity." The rebranding also includes a new logo, the company said.

Cricut (CRCT) rose 2.4% after the computer accessories company declared a special dividend of $0.35 per class A and B common shares, payable Feb. 15 to shareholders of record on Feb. 1. In scheduling the roughly $77 million distribution, Cricut touted a "strong balance sheet," saying it expects to finish 2022 with more than $260 million in cash and short-term investments with no debt.

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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