Technology stocks advanced with the broader Tuesday markets, with the Technology Select Sector SPDR Fund (XLK) rising 1.2% and the Philadelphia Semiconductor Index gaining 1.7% this afternoon.
In company news, Draganfly (DPRO) shares jumped almost 29% in heavy volume after announcing an agreement with Remote Sensing Instruments to develop, manufacture and sell drones in India. Financial terms were not disclosed.
C3 AI (AI) surged over 22% after the artificial intelligence software company announced the launch of its C3 Generative AI for Enterprise Search platform. The C3 platform is scheduled for general release in March and will be featured at the company’s user group conference on March 7.
Symbotic (SYM) added 15% after the supply-chain robotics company reported a 168% year-over-year increase in its fiscal Q1 revenue, rising to $206.3 million to top the Capital IQ consensus expecting $193.7 million in revenue for the three months ended Dec. 24.
Allegro MicroSystems (ALGM) climbed over 10% after the analog chipmaker reported fiscal Q3 net income of $0.35 per share, excluding one-time items, improving on a $0.19 per share adjusted profit during the same quarter in 2021 and beating the Capital IQ consensus call by $0.03 per share. Revenue for the three months ended Dec. 23 also exceeded analyst estimates and the company is projecting Q4 earnings and revenue topping analyst estimates.
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