Breaking Down Block (SQ) Stock Before Q3 Earnings


Technology stocks were hanging on for modest Friday gains, with the SPDR Technology Select Sector Fund (XLK) rising 0.3% and the Philadelphia Semiconductor Index ahead 0.2% this afternoon.

In company news, DocuSign (DOCU) rose 15% after the digital signature company exceeded Wall Street forecasts with its fiscal Q3 results and also increased its fiscal 2023 sales outlook despite the prospect of “softening trends.” The company is expecting between $2.493 billion to $2.497 billion in total revenue this year, up from its prior forecast range of $2.47 billion to $2.482 billion and edging past the Capital IQ consensus looking for $2.49 billion in FY23 revenue.

Mobileye (MBLY) gained 8.7% after Needham Friday raised its price target for the autonomous driving technologies company by $3 to $43 and reiterated its buy rating for the stock.

Broadcom (AVGO) was 3.1% higher after late Thursday reporting outsized increases for its earnings and revenue during its Q4 ended Oct. 30 and the semiconductor and infrastructure software equipment company forecast revenue for the current quarter exceeding analyst estimates as well as boosting its quarterly dividend by more than 12% over its most recent distributions.

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