Technology stocks were declining on Friday, with the SPDR Technology Select Sector ETF (XLK) this afternoon slipping 0.7% while the Philadelphia Semiconductor Index was falling 0.6% this afternoon.
In company news, DocuSign (DOCU) slid over 22% after the software firm late Thursday projected Q1 and FY22 revenue trailing Wall Street estimates, upstaging above-consensus revenue and in-line earnings for its Q4 and the company also authorizing a new, $200 million stock buyback program. The sub-par forecast spurred a pair of analyst downgrades at Oppenheimer and Baird while RBC Capital Markets slashed its price target for DocuSign shares by $125 to $95 each.
Nokia (NOK) was rising 0.5% following reports the telecom equipment company was in talks to replace Huawei's 4G radio equipment for portion of Vodafone Idea's network in India. Nokia would deploy 12,000 5G-ready radio sites and another 4,000 small cells in the Indian capital of Delhi, according to the Reuters report, citing unnamed sources.
Oracle (ORCL) was rising 3.7% this afternoon, rebounding from a nearly 4% morning retreat, after the software firm late Thursday reported an adjusted Q3 profit of $1.13 per share, down from $1.16 per share during the same quarter last year and trailing the Capital IQ consensus for the three months ended Feb. 28 by $0.05 per share.
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