Top Tech Stocks
Technology stocks were declining again on Wednesday, with shares of tech companies in the S&P 500 decreasing 0.4%.
In company news, Coupa Software ( COUP ) was surging Wednesday after the cloud-based spending management software firm today priced an upsized $111.3 million follow-up offering of its common stock at $25.25 apiece, or a 0.9% premium over Tuesday's closing price.
The company only sold 298,564 shares in the offering, up from 91,535 shares initially, while existing shareholders - largely made up of its early-stage venture investors as well as CEO Robert Bernshteyn and CFO Todd Ford - sold the remaining 4.11 million shares, boosting their share of the offering by 500,000 just ahead of the pricing.
The company will not receive any proceeds from the sale of stock by the selling shareholders.
COUP shares were up almost 12% at $28.49 apiece, earlier reaching a session high today of $28.99 a share.
In other sector news,
(+) BBRY, (+16.0%) Binding interim arbitration award requires Qualcomm ( QCOM ) to refund $814.9 mln, plus interest and attorneys' fees, to BlackBerry to compensate for certain past sales of subscriber units between 2010 to 2015.
(-) OCLR, (-4.2%) Replaces UnitedBankshares ( UBSI ) in the S&P SmallCap 600 index prior to Wednesday's opening bell after the bank company was promoted to take WhiteWave Foods' ( WWAV ) place in the S&P MidCap 400 index.
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