Tech stocks lost ground in intraday trading Tuesday, with the S&P 500 Information Technology Sector Index 0.5% lower as of 2:30 p.m. ET, while the broader S&P 500 was little changed and the tech-heavy Nasdaq lost 0.2%.
Shares of semiconductor maker GlobalFoundries (GFS) surged following the release of a first-quarter earnings report that beat expectations, while Fidelity National Information Services (FIS) shares also jumped on its strong earnings and guidance. Shares of Datadog (DDOG) sank even though the cloud monitoring and security company’s first-quarter results topped estimates.
GlobalFoundries Jumps on Better-Than-Expected Results
Shares of semiconductor maker GlobalFoundries were 7% higher at $53.38 following the release of a first-quarter earnings report that beat expectations. The chipmaker has been one of the beneficiaries of the CHIPS Act, receiving $1.5 billion in funding earlier this year to expand its operations in New York and Vermont. The state of New York also pledged about $600 million for GF’s New York facilities.
Fidelity National Information Services Climbs on Strong Profit, Guidance, Buyback
Fidelity National Information Services shares added 4% to $73.26 after the financial tech services provider beat earnings estimates and raised its guidance and share repurchase program. The company cited strong demand across digital banking, payments and risk compliance solutions as having contributed to the strong results.
Datadog Slumps Despite Earnings Beat as Guidance Fails to Impress, President To Step Down
Datadog shares plunged nearly 11% to $113.41 despite reporting first-quarter results that topped expectations as the cloud monitoring and security company’s guidance appeared to be less than some had anticipated. The company also said President Amit Agarwal would step down by the end of 2024.