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Technology stocks were slightly lower Wednesday with shares of technology companies in the S&P 500 retreating 0.2%.
In company news, Rambus ( RMBS ) climbed to a new 52-week high Wednesday following the digital memory company raising its Q2 outlook for revenue after signing a comprehensive license agreement with Qualcomm ( QCOM ) for its CryptoManager Security solution.
The new pact calls on QCOM licensing the CryptoManager security and feature management platform developed by RMBS' Cryptography Research division and will provide the smartphone components company with an advanced key provisioning hardware solution for its circuit systems on a chip technology.
Looking forward, RMBS boosted its revenue outlook by $6 million to a new range of $75 million to $77 million, beating the Capital IQ consensus by at least $3.16 million. It also reiterated its forecast for FY14 revenue.
RMBS shares were up 5.1% at $12.99 apiece in late trade after earlier climbing to a session high of $13.35 a share. QCOM shares were little changed near the bell at $79.21 each, up 3 cents.
In other sector news,
(+) SYNA, Acquires Renesas SP Drivers for $475 mln and raises Q4 revenue outlook by $25 mln to a new range of $300 mln to $310 mln, topping analyst projections by at least $14.05 mln. Also issue upside revenue guidance for FY14.
(-) JCOM, Announces plans for a $300 mln offering of convertible senior notes due 2029. Net proceeds will be used, after first paying offering expenses, for general corporate purposes, including possible acquisitions.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
