Top Tech Stocks
Technology stocks were firming in recent trading, with the shares of tech stocks in the S&P 500 adding nearly 0.4% in value while the Philadelphia Semiconductor Index was rising almost 0.7%.
Among technology stocks moving on news:
(+) Box (BOX) rose 7% after the cloud content management company late Tuesday reported Q3 revenue exceeding analyst estimates and projected revenue for the current quarter also beating Wall Street forecasts. Revenue grew 14% over year-ago levels to $177.2 million, topping the Capital IQ consensus looking for $174.4 million in revenue for the three months ended Oct. 31.
In other sector news:
(+) AVX (AVX) soared almost 37% higher after majority owner Kyocera offered to buy the 28% of the electronics manufacturer's stock it doesn't already own for $19.50 per share in cash, representing a 29.7% premium over Tuesday's closing price. A special committee at AVX is reviewing the proposal, Kyocera said, adding there is no assurance that a transaction will take place.
(-) Intel (INTC) was nearly 1% lower Wednesday afternoon. The chipmaker and other US tech giants reportedly contributed components and expertise to China's surveillance state, including in Xinjiang, the western province where authorities are building an all-seeing network to monitor Muslims and other ethnic minorities. The companies - Hewlett Packard Enterprise (HPE), Seagate (STX) and Western Digital (WDC), among others, according to the Wall Street Journal - say their products can be used in many ways while complex supply chains restrict their understanding and control over how those products are deployed.