Technology stocks have turned narrowly higher in Wednesday trading, with the SPDR Technology Select Sector ETF advancing 0.2% although the Philadelphia Semiconductor Index still was slipping 0.6%.
In company news, Sphere 3D (ANY) tumbled over 16% after the Canadian data management company announced plans to merge with water-as-a-service provider Rainmaker Worldwide, with Sphere 3D shareholders set to own about 20% of the combined companies after the deal closes. Under terms of the proposed transaction, investors will receive 0.33 of a Sphere 3D share for each Rainmaker share in addition to also getting one-third of a warrant to buy another Sphere 3D share for each Rainmaker warrant or option.
Qumu (QUMU) also fell 18%. The video-delivery software firm said it expects to report around $9.3 million in Q2 revenue, up more than 72% compared with the prior quarter and topping the Capital IQ consensus looking for $6.7 million in revenue for the three months ended June 30. The company also raised its FY20 revenue forecast by $1 million over its previous guidance to $29 million, also exceeding the $28 million Street view.
To the upside, Gilat Satellite Networks (GILT) rose 4.7% after Wednesday saying it was selected by Spanish telecom Telefonica (TEF) to supply a SkyEdge II-c platform and 1,700 very-small-aperture terminal antennas for a satellite communication project in Argentina.
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