Tech stocks stalled in intraday trading Tuesday, with the S&P 500 Information Technology Sector Index down 0.5% as of 2:30 p.m. ET, while the overall S&P 500 was little changed and the tech-heavy Nasdaq was down 0. ．It fell by 2%.
Shares of semiconductor maker GlobalFoundries (GFS) soared after reporting better-than-expected first-quarter results, and shares of Fidelity National Information Services (FIS) also soared on strong earnings and guidance. Datadog (DDOG) stock fell despite the cloud monitoring and security company’s better-than-expected first-quarter results.
GlobalFoundries jumps to better-than-expected results
Shares of semiconductor maker GlobalFoundries rose 7% to $53.38 after the company announced better-than-expected first-quarter results. The company is 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 has also committed approximately $600 million to GF’s New York facility.
Fidelity National Information Services rises on strong earnings, guidance and share buybacks
Fidelity National Information Services shares rose 4% to $73.26 after the financial technology services provider beat revenue expectations and raised guidance and a share repurchase program. The company said strong demand across digital banking, payments and risk compliance solutions contributed to the strong performance.
Datadog is underperforming despite outperforming results, president resigns due to unimpressive guidance
Datadog’s stock plummeted nearly 11% to $113.41 despite reporting better-than-expected first-quarter results as the cloud monitoring and security company’s guidance appeared to be lower than some expected. The company also announced that President Amit Agarwal will step down by the end of 2024.
