Technology stocks were off their best levels of Thursday trade, with the SPDR Technology Select Sector ETF this afternoon advancing 0.9% although the Philadelphia Semiconductor Index remains more than 1.9% higher.
Among technology stocks moving on news:
(+) 58.com (WUBA) climbed nearly 12% on Thursday after the Chinese digital classifieds company said it received a preliminary non-binding buyout proposal from Ocean Link Partners offering $55 in cash for each of its American depository shares, representing a 17.8% premium over Wednesday's closing price. 58.com said its board will evaluate the proposed transaction and decide on an appropriate response.
In other sector news:
(+) NXP Semiconductors (NXPI) rose 3.3% after the chipmaker Thursday said it is expanding its partnership with Microsoft (MSFT) and will provide software developers using its MCUXpresso kit with a broader range of processing solutions through Microsoft's Azure real-time operating system. The company said the turn-key integration is expected to simplify nearly every step of the development cycle, reduce production costs and help bring new applications to market sooner.
(-) EPAM Systems (EPAM) was 3% lower, reversing a small morning gain that followed the software development services company saying it had teamed up with telemedicine company Curogram to launch a simplified COVID-19 crisis response and patient engagement platform that will include the only two-way text messaging application on the market working directly with any electronic health record system.
(-) Zoom Video Communications (ZM) dropped more than 11% following reports aerospace manufacturer SpaceX has barred use of Zoom's video conferencing application due to "significant" privacy and security concerns. "We understand that many of us were using this tool for conferences and meeting support," SpaceX said in an internal memo obtained by Reuters, and instead encouraged employees to use email, text or phone as alternate ways to communicate.
Price: 52.56, Change: +5.86, Percent Change: +12.55
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