Technology stocks were advancing pre-bell Wednesday as the Technology Select Sector SPDR ETF (XLK) was 0.61% higher and the Semiconductor Sector Index Fund (SOXX) was recently up 0.55%.
Infosys (INFY) was gaining more than 11% in value after reporting fiscal Q1 earnings of INR9.97 ($0.13) per share that climbed from INR8.82 a year ago. That beat the Street estimate of INR9.20 provided by Capital IQ. Revenue rose to INR236.65 billion ($3.15 billion) from INR218.03 billion in Q1 of fiscal 2020, also ahead of analysts' estimate of INR227.43.
Sphere 3D (ANY) was up over 17% amid a deal to acquire all of the outstanding securities of Rainmaker Worldwide Inc., a water-as-a-service provider. Under the deal terms, shareholders of Rainmaker will receive 0.33 of a Sphere 3D share for each whole share, and one-third of a warrant or option for each whole warrant or option they hold. Rainmaker shareholders are expected to own about 80% of the combined company.
ASML Holding NV (ASML) was down more than 2% after it reported Q2 EPS of EUR1.79 ($2.05), higher than EUR1.13 in Q2 2019. Analysts polled by Capital IQ had expected EPS of EUR2.06.
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