Tech Stocks Slightly Higher; Ceragon Slumps to 10-Year Low Ahead of Stock Offering Later
Top Tech Stocks
Technology stocks are slightly higher, with shares of technology companies in the S&P 500 advancing 0.2% as a group this afternoon.
In company news, Ceragon Networks Ltd ( CRNT ) is down more than 12% at $2.55 a share, just 3 cents off its new 52-week low ahead of the networking equipment manufacturer's pricing an offering of its common stock later on Wednesday.
The company said the underwritten offering is expected to price after the close of the regular market session but did not include other details, including how many shares it expects to sell.
CRNT shares last traded this low in April 2003.
In other sector news,
(+) YHOO, (+4.0%) Boosts stock buyback by $5 bln. Also disclosed plans for a $1-bln debt offering of convertible senior notes, with proceeds slated for additional share repurchases and possible acquisitions.
(-) QUNR, (-5.8%) Chinese online travel commerce platform reports Q3 adjusted net loss of $6.3 mln compared with $65,600 in adjusted net income last year. Revenue increased 57.5% year over year to $39.4 mln. No analyst estimates for the period were available.