Technology stocks continued to lose more ground ahead of Wednesday's closing bell, with the shares of tech stocks in the S&P 500 falling over 0.8% although the Philadelphia Semiconductor Index was scratching out a nearly 0.3% gain in late trade.
Among technology stocks moving on news:
(+) Eltek Ltd (ELTK) was soaring Wednesday afternoon, rising over 350%, after the Israeli contract manufacturer reported net income of $0.12 per share for its Q1 ended March 31, reversing a $0.33 per share net loss during the same quarter last year. Analyst estimates were not available for comparison.
In other sector news:
(+) Cypress Semiconductor (CY) was 11% higher after Bloomberg News, citing people familiar with the matter, reported that the chipmaker has received takeover interest and is considering a potential sale or other strategic options. Requests for comment sent outside of normal business hours were not immediately returned, Bloomberg said.
(-) Plug Power (PLUG) declined 4% this afternoon, reversing a 7.5% advance soon after Wednesday's opening bell. The company late Tuesday announced a deal to power 100 StreetScooter electric delivery vehicles using its ProGen hydrogen fuel cell engines. The vehicles will have an effective range of up to 500 kilometers, providing drivers with additional time before needing to recharge.
(-) Workday (WDAY) dropped 4% this afternoon. Several analysts Wednesday raised their respective price targets and reiterated their current stock ratings for the enterprise cloud applications company in response to Workday late Tuesday reporting above-consensus Q1 financial results.
Price: 6.97, Change: +5.33, Percent Change: +325.00
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