Technology stocks edged off their prior session highs in afternoon trading, with the shares of tech stocks in the S&P 500 climbing over 0.8% while the Philadelphia Semiconductor Index still was rising over 0.5%.
Among technology stocks moving on news:
(+) IQIYI (IQ) was ahead over 2% shortly before Thursday's closing bell after Bernstein raised its investment rating for the Chinese online classified firm to market perform from underperform previously and also increased its price target for the company's stock by $2 to $18 a share.
In other sector news:
(+) Intelsat SA (I) climbed 4%. The satellite company Thursday said its Intelsat General Communications unit was launching FlexGround to provide military troops with fast, secure mobile networking and data communications requiring compact terminals.
(-) Oracle (ORCL) slipped more than 4% after late Wednesday saying co-CEO Mark Hurd was taking a medical leave, with founder Larry Ellison and co-CEO Safra Cruz filling in while Hurd focuses on an undisclosed health issue. The software firm also reported little change in its fiscal Q1 revenue at $9.21 billion, lagging the $9.28 billion analyst mean.
(-) 58.com (WUBA) dropped almost 7% after the Chinese online classifieds firm said its Zhuan Zhuan trading platform for used items has completed a $300 million series B funding round with a group of investors that includes 58.com as majority shareholder and other existing Zhuan Zhuan investors. The deal is expected to close during the final three months of 2019.
Price: 19.74, Change: +0.42, Percent Change: +2.17
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