Sector Update: Apple and Tech Stocks Rise Wednesday Following New iPhone Launch

Late on Wednesday, technology stocks were up thanks to a 0.8% gain for industry leader Apple AAPL, which announced the iPhone 14 this afternoon along with a new Apple Watch and upgraded AirPods. The Philadelphia Semiconductor Index and the SPDR Technology Select Sector ETF XLK were both showing gains of 1.6% as of the most recent check.

In business-related news, Coupa Software COUP rocketed to a gain of more than 18% after announcing fiscal Q2 results that surpassed analyst projections and the company's guidance for Q3 and FY23 earnings and sales that was higher than Wall Street predictions. The present share-repurchase plan, which was scheduled to expire in September of next year, has been replaced with a new $100 million stock buyback scheme that the business announced on Tuesday.

Space Sidus

After the space as a service provider said on Wednesday that it had contracted with rocket manufacturer SpaceX for the launch of five of its LizzieSat satellites starting in early 2023, SIDU jumped by about 15%. Without revealing financial information regarding the SpaceX deal, the business claimed that the upcoming flights will support Sidus' contracts with NASA, the Mission Helios array of blockchain-based nano-satellites, as well as future Sidus clients.

Elon Musk's bid to walk away from a $44 billion acquisition is the subject of a legal battle between the social media company Twitter TWTR and the tech tycoon. The judge presiding over the case allowed Musk to add a whistleblower complaint to his countersuit but denied his request to delay the trial's start until mid-November. In her ruling, Delaware's Court of Chancery chancellor Kathaleen McCormick stated, "I am confident that even a delay of four weeks will risk further harm to Twitter."

Uipath PATH lost more than 11% of its value after projecting Q3 and FY23 revenue that was below analyst expectations on Wednesday. In comparison to analyst projections of $269.5 million and $1.09 billion, respectively, the robotic process automation firm is expecting revenue for its current Q3 ending October 31 in the range of $243 million to $245 million and between $1 billion and $1.01 billion in FY23.