Technology Sector Update for 02/06/2024: PLTR, COHR, SPOT, XLK, XSD

Technology stocks were mixed premarket Tuesday as the Technology Select Sector SPDR Fund (XLK) was up 0.3% and the SPDR S&P Semiconductor ETF (XSD) was recently inactive.

Palantir Technologies (PLTR) was gaining over 20% in value after it reported Q4 adjusted earnings of $0.08 per diluted share, up from $0.04 a year earlier. The result matched the average estimate of analysts surveyed by Capital IQ.

Coherent (COHR) was rallying past 16% after it reported fiscal Q2 non-GAAP earnings and revenue that topped projections from analysts polled by Capital IQ.

Spotify (SPOT) was up more than 7% after it reported a Q4 loss of 0.36 euros ($0.39) per diluted share, narrowing from a loss of 1.40 euros a year earlier.

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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