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Technology stocks were little changed in afternoon trading, with shares of tech companies in the S&P 500 hanging on to less than a 0.1% advance.
In company news, DragonWave (DRWI,DWI.TO) shares flamed out Wednesday after the electronic components manufacturer today priced a $6 million public offering of equity units consisting of shares of its common stock or pre-funded warrants to buy additional shares in addition to separate short- and long-term warrants.
The company plans to sell up to 1.79 million Class A units at $3.35 apiece, with buyers receiving one share of DragonWave stock, a five-year warrant exercisable at $4.37 a share and two six-month warrants exercisable at $4 a share. It also is offering an equal number of Class B units at $3.34 each and consisting of a pre-funded warrant to acquire one common share, one of the five-year warrants and two of the shorter-term warrants.
Participants in the deal can buy any combination of Class A and Class B units although investors whose purchase of Class A units would boost their individual stakes above the company's 9.99% ownership limit will instead be offered the Class B units. The company also disclosed plans for a $211,000 private placement of 63,000 Class A units for Canadian investors.
DRWI shares were down over 13% at $3.15 apiece, rebounding slightly from their session low of $3.06 a share. DWI.TO shares also were sharply lower, falling 13.4% to C$4.14 each in recent trade at the Toronto Stock Exchange.
In other sector news,
(+) DDD, (+19.1%) Adjusted Q2 net income of $0.12 per share beats Wall Street consensus by $0.06 per share. Revenue falls 7.3% to $158.1 mln, narrowly missing the $160.9 mln analyst mean.
(-) RUBI, (-32.3%) Lowers FY16 revenue forecast to $260-275 mln, trailing Street view by at least $20.25 mln. Keeps earnings guidance unchanged, still missing consensus call for this year by at least $0.05 per share. Q3 EPS, revenue outlook also lags estimates.
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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.
