Top Tech Stocks
Technology stocks were mostly lower, with the shares of tech companies in the S&P 500 sinking more than 0.5% while the Philadelphia Semiconductor Index was falling over 2.2%.
Among technology stocks moving on news:
(-) Qualcomm (QCOM) fell 12% after the chipmaker said it "strongly disagrees" with a US District Court ruling in California late Tuesday siding with the US Federal Trade Commission's contention that Qualcomm's licensing practices make it nearly impossible for rivals also producing modem chips to compete. Qualcomm said it was seeking an immediate stay of the judgment in addition to an "expedited appeal" before the US Court of Appeals.
In other sector news:
(+) Sea Ltd (SE) Wednesday rose as much as 25% to a best-ever $31.85 a share after the digital entertainment platform said its Q1 nearly tripled compared with the same quarter last year, climbing to $578.8 million during the three months ended March 31 from $197.0 million last year, easily breezing the Capital IQ consensus expecting $436.7 million in revenue.
(-) Pure Storage (PSTG) dropped almost 24% after data storage company missed Wall Street expectations with its most recent financial results, posting a non-GAAP net loss of $0.11 per share on $326.7 million in revenue for its Q1 ended April 30 compared with the Capital IQ consensus looking for an $0.08 per share adjusted loss on $333.1 million in revenue.