Technology stocks were advancing on Wednesday, with the Technology Select Sector SPDR Fund (XLK) rising 0.6% while the Philadelphia Semiconductor Index was 2.9% higher this afternoon.
In company news, Salesforce (CRM) rose 3.5% after the customer-relationship management software firm plans to cut about 10% of its jobs and reduce office space in selected markets as part of a broader efforts to bolster its operating margins amid stiff macro headwinds. The company expects the moves will cost between $1.4 billion to $2.1 billion.
Mobileye (MBLY) retreated Wednesday, sinking 3.6%. The autonomous driving technology firm said it was partnering with Wistron NeWeb to produce a new sensor device for self-driving vehicles. Financial terms of the deal with the Taiwanese hardware company were not disclosed but Mobileye said its imaging technology is generating “strong” interest from several potential customers, with the companies expecting to begin deliveries in around two years.
Microsoft (MSFT) fell 4.4% after UBS downgraded the stock to neutral from buy and cut its price target to $250 from $300.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Image and article originally from www.nasdaq.com. Read the original article here.