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Technology Sector Update for 07/02/2020: VVPR,FEIM,FORM,FRSX,ESLT

Technology stocks were mostly higher in late Thursday trading, with the SPDR Technology Select Sector ETF climbing 0.5% while the Philadelphia Semiconductor Index was rising 1.3%.

In company news, VivoPower (VVPR) was ending 12% higher after Thursday saying its JA Martin Electrical subsidiary has received a contract to complete all of the electrical work at 39-megawatt Molong solar farm in Australia. Financial terms were not disclosed but VivoPower said the project is expected to power nearly 11,000 homes following completion.

Frequency Electronics (FEIM) jumped out to a 16% gain after late Wednesday announcing a new, three-year contract valued up to $28.6 million from an aerospace prime contractor to produce precision time and synchronization products for a US defense satellite program.

FormFactor (FORM) climbed nearly 8% on Thursday after the embedded chipmaker raised its Q2 revenue forecast, now expecting between $157 million to $161 million in sales for the three months ended June 30 compared with its prior forecast expecting a 10% sequential drop from its $160.8 million in Q1 revenue. The company will report its full Q2 financials on July 29.

Foresight Autonomous Holdings (FRSX) still was 2.3% higher, giving back most of a 9.1% morning advance after the self-driving vehicle technology company announced its first two commercial orders for its QuadSight prototype system from a Elbit Systems (ESLT) subsidiary. Revenue from both orders is expected to total “tens of thousands of dollars,” Foresight said.

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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