Technology Sector Update for 01/24/2023: VERB,CR,SKYT

Technology stocks were little changed on Tuesday, with the Technology Select Sector SPDR Fund (XLK) rising 0.2% while the Philadelphia Semiconductor Index was dropping 0.7%.

In company news, Verb Technology (VERB) tumbled 48%, erasing a large slice of Monday’s 69% gain, after the software-as-a-service company disclosed plans for a public offering of its common stock, subject to market conditions.

Crane (CR) climbed 3.3% after the aerospace and specialty electronics company late Monday reported non-GAAP net income of $2.13 per share for its Q4 ended Dec. 31, up from $1.31 per share a year earlier and beating the Capital IQ consensus by $0.23 per share.

SkyWater Technology (SKYT) rose 6.8%. The company said Tuesday closely held Vorago Technologies will move its semiconductor manufacturing to SkyWater’s foundry in Minnesota where the company will use Vorago’s Hardsil technology that allows devices to operate at higher temperature and radiation levels. Financial terms of the partnership were not disclosed.

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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