Technology stocks were rebounding Thursday afternoon, with the Technology Select Sector SPDR Fund (XLK) rising 2.1% while the Philadelphia Semiconductor Index was gaining 2.9%.
In company news, EverCommerce (EVCM) rose 20% after its Q4 revenue advanced to $161.8 million from $135.6 million in the prior-year period and beating the consensus on Capital IQ for $158.2 million for the three months ended Dec. 31.
Adobe Systems (ADBE) gained 5.4% after the imaging software firm reported non-GAAP Q1 net income and revenue exceeding prior-year comparisons and topping Wall Street expectations for the three months ended March 3. It also raised its fiscal 2024 earnings forecast above analyst estimates.
Virgin Orbit Holdings (VORB) was sinking more 33%, staying within a few pennies of a new all-time low of $0.64 a share, after Thursday beginning a company-wide operational pause running through March 21 while the launch-services firm explores potential funding sources.
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