FINWIRES · TerminalLIVE
FINWIRES

Sector Update: Tech Stocks Lean Lower Premarket Monday

-- Technology stocks were leaning lower premarket Monday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 0.8%.

Alphabet's (GOOG, GOOGL) Google is negotiating with Marvell Technology (MRVL) to develop two new processors optimized for artificial intelligence inference tasks, The Information reported, citing two people with knowledge of the discussions. Shares of Marvell Technology were up more than 5% pre-bell.

Meta Platforms (META) plans to initiate its layoffs planned for this year on May 20, with more expected to come later, Reuters reported, citing people familiar with the matter. Meta Platforms shares were down 0.7% premarket.

Parsons (PSN) said the Los Angeles Department of Water and Power selected the company to provide demand response technology, integration, and services. Parsons stock was 0.2% lower pre-bell.

Related Articles

Research

Research Alert: CFRA Maintains Buy Rating On Shares Of Quest Diagnostics

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our 12-month price target at $235. This is based on a forward P/E of 21.9x our 2026 EPS estimate, a premium to DGX's three-year forward average of 16.8x due to our view of strengthening sales and earnings growth, backed by higher health care utilization trends and some regulatory relief due to postponement of lab reimbursement cuts until at least 2027. We think lab testing providers remain a relatively well-positioned area within health care given lower policy risks, supportive testing demand, and attractive earnings growth potential. On a compounded annual basis from 2025-2028, we expect near 8% EPS growth, raising our 2026 EPS to $10.73 from $10.60 and 2027 EPS to $11.50 from $11.42. We also anticipate additional smaller M&A opportunities, along with healthy dividend increases (recent 7.5% boost; shares yield 1.7%) as cash flow generation remains supportive over the near term.

$DGX
Research

Research Alert: Pega: Q1 Results Miss, But Strength In Pega Cloud Offsets

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PEGA reported total revenue of $430M, missing consensus by $37.2M and declining 10% Y/Y, while non-GAAP EPS of $0.46 missed by $0.23 and fell 39% Y/Y. However, Pega Cloud revenue surged 36% Y/Y to $205M, now representing 47.7% of total revenue and validating the cloud transition thesis. Pega Cloud annual contract value (ACV) acceleration remains the standout metric, growing 29% Y/Y to $906.7M and accelerating from 23% growth in Q1, demonstrating continued strong demand for the company's AI workflow automation platform. Total ACV grew 12% Y/Y to $1.62B, with backlog increasing 16% Y/Y to $2.01B providing revenue visibility. We believe the robust cash flow generation of $206.5M in free cash flow and a solid balance sheet with $474M in cash provides financial flexibility for continued AI investment. Despite near-term profitability pressure, we expect the sustained Pega Cloud momentum and strong ACV growth to support the business transformation.

$PEGA
Asia

Air New Zealand CFO to Resign

Air New Zealand (ASX:AIZ, NZE:AIR) said that Chief Financial Officer Richard Thomson has resigned, effective Aug. 28, according to a Wednesday filing with the New Zealand bourse.The airline has started the process of searching for a new CFO, the filing added.

$ASX:AIZ$NZE:AIR